Sanctions Stalemate: Kostin's Perspective on U.S.-Russia Relations

Andrei Kostin, CEO of Russia's VTB Bank, predicts that while the U.S. may attempt to ease tensions with Moscow, Western sanctions are likely to remain. Kostin expresses skepticism about lifting sanctions quickly due to the strong anti-Russian sentiment in the U.S. political establishment. He notes the historical precedent of the Jackson-Vanik amendment and insists that Russia will not store reserves in U.S. Treasuries again.

Andrei Kostin, the CEO of Russia's VTB Bank, has expressed that efforts by the upcoming U.S. administration to improve ties with Moscow might occur, but sanctions could persist. Kostin told Reuters that these sanctions, entrenched by anti-Russian sentiment in the U.S., might not be lifted easily.

Drawing historical parallels, Kostin referenced the Jackson-Vanik amendment, emphasizing its prolonged impact, as a similar situation with current sanctions. Despite expectations for diplomatic efforts, Kostin foresees prolonged sanctions due to entrenched opposition.

Kostin firmly stated that Russia is unlikely to keep its financial reserves in U.S. Treasuries, highlighting strained relations. His remarks precede VTB's investment forum and demonstrate skepticism on any quick resolution.

(With inputs from agencies.)