VTB Chairman Dubinin Sees ‘Some Panic’ in Russian Banks
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Russia’s banking system is experiencing “some panic” after oil slumped, according to Sergey Dubinin, chairman of VTB Bank, Russia’s second-largest lender.
The free-floating ruble and higher central bank interest rates are a “bad combination” for the Russian economy, he told delegates at a conference in London today. Even though they’re “painful” actions, policy makers don’t have any choice in the current circumstances after the currency plunged, he said.