The Western sanctions levied against Moscow over the war in Ukraine have insulated the Russian financial system from any potential impact of a possible banking crisis, the Kremlin has claimed.
Amid warnings of another global financial crisis in the wake of the failure of the Silicon Valley Bank (SVB) — the largest bank to collapse since the 2008 crisis — Russia says they believe the sanctions imposed by the United States, United Kingdom, the European Union, among others, have effectively “insured” the Russian economy from negative impacts of the burgeoning banking crisis.
Whether based in fact or not, the comments certainly resemble gloating or ‘trolling’ of the West as anxiety builds over the banking system.
Top Kremlin spokesman Dmitry Peskov said on Tuesday, according to the Russian state news TASS agency: “Our banking system has certain connections with some segments of the international financial system, but it is mostly under illegal restrictions from the collective West.”
