MOSCOW, March 27 (RIA Novosti) - Russia's largest lender Sberbank said Thursday that Western sanctions against the country over Crimea have had no significant impact on its operations.
Dozens of Russian officials and several banks have been hit by punitive sanctions levied by Washington and Brussels in response to the reunification of Crimea with Russia.
Sberbank was not targeted by name in the sanctions.
"The sanctions have not seriously affected our business so far," Sberbank CEO German Gref told investors, adding the bank has developed a contingency plan in case of further economic fallout from the souring of relations with the West.
Gref said the bank had no plans to change its development strategy for the next four years and will announce a financial forecast for this year in the summer.
"For many years I have attempted to forecast macroeconomic situations, and I have arrived at the conclusion that this is the most futile activity ever," the Sberbank CEO said during a conference call with investors.
"The situation evolves so quickly, and so many factors influence our actions on a global scale, that it is impossible to make predictions," he said.
After imposing visa bans and asset freezes on Russian officials last week, the United States and the European Union threatened Moscow with measures that would affect entire key sectors of the country's economy.
Economic Development Minister Alexei Ulyukayev said Thursday that Russian authorities may take a number of steps to increase the capitalization of the country's banking system if the economic climate worsens.
The Russian economy slowed sharply amid the crisis in Ukraine, with the ruble falling to record lows earlier this month. The currency has been recovering slowly since the signing of the historic treaty reunifying Crimea with Russia.
Sberbank Financial Director Alexander Morozov said the ruble has the potential to further strengthen against global currencies, including the dollar.
"It is possible that the ruble would strengthen, provided that there are no dramatic changes in the energy industry. If oil prices fall sharply, then, of course, this will affect the ruble's exchange rate," he said.
