Western sanctions imposed on Russia over its military action in Ukraine will not be lifted anytime soon, Andrei Kostin, CEO of Russia’s second-largest lender, said in an interview with Reuters.
“I don’t really think the sanctions will be lifted quickly. I don’t see how this can happen. A good example of this is the Jackson-Vanik amendment. It was passed against the Soviet Union and was only repealed in 2012,” Kostin confirmed.
Kostin was referring to a law dating back to the Cold War years that linked trade relations with the Soviet Union to the rights of religious minorities to emigrate.
Kostin said he believes that Russian foreign exchange reserves frozen in the West after the start of the conflict in Ukraine will not return.
Kostin continued, “In the West, they say, ‘Let’s pay for the rebuilding of Ukraine from the reserves.’ They will draw up a bill such that the reserves will not be enough.”
