Kremlin Dismisses New EU Bank Sanctions as Russia’s $3 Trillion Economy Contracts 0.3%
Updated
Updated · Reuters · Jun 11
Kremlin Dismisses New EU Bank Sanctions as Russia’s $3 Trillion Economy Contracts 0.3%
3 articles · Updated · Reuters · Jun 11
Summary
Dmitry Peskov said planned new EU sanctions on Russian banks would not derail the sector, arguing major lenders have operated under restrictions for years while staying profitable and stable.
The EU’s proposed package would heavily target Russian banks and crypto networks, seeking to weaken Moscow’s financial system over the war in Ukraine.
Peskov said the central bank is closely monitoring conditions and taking steps to preserve stability, echoing Vladimir Putin’s assessment a day earlier that the broader economy remains under control.
Russia’s economy still shows strain: sanctions, high interest rates and war spending helped push the $3 trillion economy down 0.3% in the first quarter, its first quarterly contraction since early 2023.