The Central Bank of the Russian Federation reported on the stability of the banking sector regardless of sanctions

The Russian banking sector maintains a stable position, despite the fact that it is experiencing severe sanctions pressure. This was announced on May 29 by Olga Polyakova, Deputy Chairman of the Bank of Russia, during the VII Congress of the Association of Banks of Russia.

"Today, we see that the banking sector, despite the really strong sanctions pressure it is under, has been able to maintain and maintain its stability and continues to lend to the economy. Although lending is slowing down in all segments, there is still no talk of credit compression today. But we are already looking at the month of May, and we expect growth of about 1% in five months," she said. The broadcast was carried out on the congress website.

According to the results, the growth should reach 8-13% at the end of the year. In turn, consumer lending will show near-zero dynamics by December 2025, the Central Bank assumes, and mortgage lending will increase by 3-8%.

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Deposit rates are decreasing, prompting a search for other investment tools.

Prior to that, on May 22, the G7 countries, following a meeting of G7 finance ministers and central bank governors in Ottawa, threatened Russia with tougher sanctions in the absence of a ceasefire agreement in Ukraine. They also stressed that they would try to strengthen the confidence of foreign investors in Kiev, which would allow the restoration of the activities of the foreign insurance industry there.

In turn, the Director of the Department of European Affairs (DEP) Russian Foreign Minister Vladislav Maslennikov told Izvestia on May 21 that the EU could not find the strength to admit that its sanctions policy against Russia had failed. The automatic lifting of EU sanctions after the end of the Ukrainian conflict is unlikely to be expected, the diplomat stressed.