EU, US sanctions ineffective against Russian banks –Central Bank

Russia’s central bank said the international sanctions slammed on the country’s banks may not do much damage as the banks have a high margin of stability.

“The banks are retaining the high margin of stability and have a significant potential to develop business via loaning the Russian economy,” the Central Bank said on Friday.

“All operations of banks in rubles will be carried out, and the relevant services will be provided to all customers as usual.

“All customers’ funds in foreign currencies are also retained and can be withdrawn in the account currency.

“The Bank of Russia is ready to support banks with funds in rubles and foreign currency,” the bank added.

Russia has one of the largest sovereign reserves in the world, about $630 billion.