Paul
Goble
Staunton, January 4 – Oleg Sysuyev,
the deputy head of Moscow’s Alpha Bank, says that his institution will no
longer provide services to Russian defense industries that have fallen under US
sanctions, even though historically loans to them have formed a large share of
the bank’s credit portfolio.
Economist Andrey Nechayev says that
the bank’s decision will not have a significant influence of the defense industries
involved because they can still get credits elsewhere and particularly from
state banks that provide them with most of their financial needs (echo.msk.ru/news/2122548-echo.html).
But this action by Alpha Bank is potentially
significant because may lead other Russian banks, fearful of running afoul of
the sanctions regime, to take similar actions, thereby making the West’s sanctions
regime even tougher for Russian companies already listed (znak.com/2018-01-04/alfa_bank_ne_budet_obsluzhivat_rossiyskie_oboronnye_predpriyatiya_iz_za_sankciy_ssha).
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