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Head of VTB Kostin: Russia needs to create new standards for banking regulation

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Moscow Agency / Sergey Kiselev
Moscow Agency / Sergey Kiselev

Conditions for Russian banks have changed significantly, declared in an interview with RBC, the head of VTB Andrey Kostin. He said banking regulation would now need to be created from scratch.

The head of the credit organization spoke about his vision of the future of the financial sector. He is confident that the current state of affairs can be used by Russia to create new rules for better banking.

“Relevant provisions of existing international standards may well find their place in them. But above all, such future standards should reflect the realities and priorities of the Russian economy,” he said.

Kostin had previously made a similar proposal at the end of May. In his opinion, the observance of international financial standards in many respects becomes absurd.

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