The increase in Russian banking sector’s sovereignty and independence has been quite timely, given the negative trends that are growing globally, specifically in the US banking system, Russian President Vladimir Putin has stated.

Putin was meeting with Andrey Kostin, the CEO of Russia’s second-largest bank, VTB, who assured the president that the country’s banking sector was secure.

“Regarding anti-Russia sanctions, we have probably become somewhat immune because of them, and we have enhanced our sovereignty in this field,” Kostin told the Russian leader in the Kremlin on Tuesday.

“Look at what is now happening in the United States. This is virtually the largest financial and banking crisis since 2008, and it is already spreading to Europe,” the top Russian banker noted, adding “that sanctions against Russia are a double-edged sword.”

By imposing economic restrictions against Moscow, the West has “demolished the global trade system and caused an inflation surge,” while its attempts to resolve this problem with the use of standard methods devalued bank assets, Kostin pointed out.

The Russian banking sector is feeling “quite safe,” the VTB chief executive maintained, adding that he believes there won’t be any problems, “although we incurred certain losses last year when our property was simply taken away from us.”

Putin, who has previously cited economic sovereignty as the country’s top priority, agreed with Kostin, saying: “Perhaps what you have said about raising the level of independence and sovereignty is rather timely, considering greater negative trends in the US banking system.”

The Russian president had earlier stated that the country’s economy was successfully withstanding outside pressure, warning that Western sanctions would have a boomerang effect.

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