Page 106 - RusRPTJul22

8.1 Bank sector overview
“Russia’s financial system is back to business as usual after a few weeks of severe bank runs (nearly Rub 10 trillion in liquidity withdrawn). Those who though that cutting Russia from financing for a few weeks at the beginning of the war would stop the war have proven naïve,” Elina Ribakova, deputy chief economists at IIF said.
Russia has accumulated more than $100 bn in FX since the beginning of the war. The budget is in RUB 1.6 tr surplus so far. Cutting off Russia for a few weeks from oil with a complete embargo would achieve nothing, but a spike in commodity prices that would hurt global growth.
106 RUSSIA Country Report October 2020 www.intellinews.com