Russian lenders sanctioned but prospering, says top banker- Analysis

Russian banks have successfully weathered Western sanctions and have had a prosperous year in 2023, according to the CEO of VTB, the country’s second-largest lender. During a meeting with President Putin, VTB CEO Andrey Kostin criticized the sanctions imposed by the EU and the US as “absolute lawlessness.” He acknowledged that VTB had suffered significant losses when its overseas branches and subsidiaries were liquidated. However, the bank has since recovered and had a highly successful year, not only for VTB but for the entire banking sector. VTB expects to achieve a record profit of 420 billion rubles this year, focusing on the domestic market and countries that did not sanction Russia. Kostin cited VTB’s branch in Shanghai as an example of the bank’s success, as it is the only Russian bank in China and is expected to double its turnover in a year. He emphasized that despite the sanctions, Russia has not been isolated and has actively carried out settlements in national currencies with friendly countries.

Analysis:
The credibility of the main source, VTB CEO Andrey Kostin, can be assessed as relatively high as he holds a prominent position in the Russian banking sector. However, it is important to note that RT, the news outlet reporting this information, has been accused of having close ties to the Russian government and promoting Russian propaganda. This may introduce potential biases or an agenda in the article. Moreover, the lack of alternative perspectives or opinions in the article limits its objectivity and provides a one-sided view of the situation.

The presentation of facts in the article is minimal, primarily focusing on the statements made by Kostin during the meeting with Putin. It does not provide any outside sources or data to support or corroborate the claims made by the CEO. The inclusion of a hyperlink to another RT article as a “read more” source does not provide additional evidence or analysis to support the statements made in this article.

One potential bias in the article is the lack of critical examination of the Russian government’s role in the success of the banking sector. The article attributes the success solely to the ability of Russian banks to adapt and recover, without considering the potential impact of government policies or interventions.

The overall impact of the information presented is that the Russian banking sector has successfully weathered Western sanctions and is thriving. This narrative may contribute to a positive perception of the Russian economy and a sense of resilience against Western pressure. However, without further analysis or evidence, it is challenging to discern the genuine state of the Russian banking sector and its economic strength.

The political landscape and the prevalence of fake news may influence the public’s perception of this information. RT’s reputation as a state-owned news outlet with alleged ties to promoting Russian propaganda may lead some readers to question the credibility and agenda behind this specific article. Moreover, the lack of diverse perspectives or alternative sources in the article may contribute to a nuanced understanding of the situation, potentially fostering misinformation or biased viewpoints among the public. Overall, critical evaluation and verification of multiple sources are necessary to obtain a comprehensive and reliable understanding of the subject matter.

Source: RT news: Sanctioned Russian lenders enjoyed ‘highly successful’ year – top banker