No Quick Relief: Russia's Sanctions Dilemma

The CEO of VTB Bank, Andrei Kostin, expressed skepticism about the lifting of Western sanctions against Russia, citing historical examples like the Jackson-Vanik amendment. He also mentioned that Russia's frozen forex reserves are unlikely to be returned and may be used for Ukraine's reconstruction.

In a revealing interview with Reuters, Andrei Kostin, CEO of VTB Bank, conveyed a grim outlook on the potential lifting of Western sanctions on Russia. His assessment draws on historical precedents, citing the Jackson-Vanik amendment which was repealed only decades later.

Kostin noted the uncanny resemblance to Cold War era policies, emphasizing the pivotal nature of trade restrictions linked to human rights issues and the long-lasting diplomatic tensions they engendered.

Moreover, he expressed concerns over Russia's frozen foreign exchange reserves, indicating an expectation that they would not be returned and might instead fund Ukraine's reconstruction efforts.

(With inputs from agencies.)