Russian banks are showing record profits despite the severity of sanctions pressure from the collective West. This is reported by the Financial Times.
According to the Financial Times, the Western sanctions pressure did not bring any visible result, but only increased the revenue of Russian banks. The newspaper emphasised that this situation perfectly demonstrates: the sanctions failed to harm the economy of the Russian Federation.
The publication noted that instead of hitting the Russian economy for launching a special operation in Ukraine, Western sanctions pressure added 3.3 trillion rubles ($37 billion) to the accounts of Russian banks in 2023.
The newspaper emphasised that the voluminous revenue of Russian banks has been helped by demand for state-sponsored favourable mortgages, as well as a cash boom in the acquisition of assets of Western firms leaving Russia.
The Financial Times summarised that the record earnings of financial institutions in Russia are another factor in the resilience of the Russian economy, despite the collective West’s efforts to disrupt it. Some readers of the newspaper considered this news “marvellous” in their comments to the publication. They emphasised that US President Joe Biden “promised to wipe the ruble into powder”, but things did not go according to the plan of the head of the White House.
We will remind, earlier the German newspaper Die Welt recognised that the Russian economy was booming despite years of sanctions.