Izvestiya of Saratov University.

Economics. Management. Law

ISSN 1994-2540 (Print)
ISSN 2542-1956 (Online)

For citation:

Sinichenko O. A. The impact of sanctions policy on Russian banking sector. Journal Izvestiya of Saratov University. Economics. Management. Law, 2024, vol. 24, iss. 1, pp. 11-20. DOI: 10.18500/1994-2540-2024-24-1-11-20, EDN: WMCVZG

This is an open access article distributed under the terms of Creative Commons Attribution 4.0 International License (CC-BY 4.0).
Full text PDF(Ru):
Article type: 

The impact of sanctions policy on Russian banking sector

Sinichenko Olesya Andreevna, Taganrog Institute of Management and Economics

Introduction. The banking sector is a key sector of the national economy and a growth factor, determining its efficiency and development prospects. Over the past year and a half, the national economy in general and the banking sector in particular have been adapting to the external negative impact of the sanctions policies of Western countries. Package sanctions were created on a regular basis and are used today to limit the development of the country in all areas. Theoretical analysis. The study identifies and substantiates the factors that ensure the relationship between the sanctions imposed by Western countries and the state of the banking sector of the Russian Federation. The basis for the Russian banking sector functioning is systemically important banks; in this regard, the influence of sanctions on their activities and mechanisms of adaptation to sanctions are of particular research interest. Empirical analysis. Statistical indicators of the banking sector, assets, lending to corporate clients and individuals, profits of the banking sector and credit organizations were analyzed, conclusions were drawn about successful adaptation to sanctions due to growth in indicators, high margins and a significant reduction in the cost of risk in comparison with 2022. Results. The process of the banking sector adaptation to sanctions pressure is presented and the reasons for its effective recovery are identified.

  1. Semeko G. V. Russia’s banking sector under international sanctions. Economic and Social Problems of Russia, 2023, no. 2 (54), pp. 106–129 (in Russian).
  2. Zimovets A. V., Klimachev T. D. Analysis and assessment of scenarios for Russia’s socio-economic development under the sanctions embargo and unpredictable global economic trends. Ekonomicheskie otnosheniya, 2023, vol. 13, no. 1, pp. 181–202 (in Russian). https://doi.org/10.18334/eo.13.1.117207 , EDN: ONHAKM
  3. Titova N. Yu., Korkishko E. A., Rybina E. E. The impact of international sanctions on the sustainability of the Russian banking system. Financial Research, 2022, no. 2 (75), pp. 9–21 (in Russian). https://doi.org/10.54220/finis.1991-0525.2022.75.2.002 , EDN: OLXAQC
  4. Kovaleva E. G., Korsacheva E. A., Vasilyev I. I. The impact of anti-Russian sanctions on the banking system of Russian Federation. Measures, taken by the Central Bank of Russia to support the banking sector due to antiRussian sanctions. Financial Markets and Banks, 2022, no. 11, pp. 25–29 (in Russian).
  5. Zimovets A. V., Sorokina Ya. V., Khanina A. V. A set of proposals to protect the Russian economy from Western sanctions at the macro-, mesoand micro-leveles. Ekonomicheskie otnosheniya, 2022, vol. 12, no. 2, pp. 195–214 (in Russian). https://doi.org/10.18334/eo.12.2.114792 , EDN KZLOCK
  6. Information about the sanctions imposed on the Russian Federation. Torgovo-promyshlennaya palata Rossiyskoy Federatsii (Chamber of Commerce and Industry of the Russian Federation). Available at: https://uslugi.tpprf.ru/ru/sanctions_2022 (accessed November 17, 2023) (in Russian).
  7. Doronkin M. Banking sector. Analytical commentary. NCR. Available at: https://ratings.ru/files/research/banks/NCR_BanksOutlook_Apr2023.pdf (accessed November 17, 2023) (in Russian).
  8. O razvitii bankovskogo sektora v dekabre 2022. Informatsionno-analiticheskiy material (On the development of the banking sector in December 2022. Informational and analytical material). Available at: https://cbr.ru/Collection/Collection/File/43685/razv_bs_22_12.pdf (accessed November 17, 2023) (in Russian).
  9. O razvitii bankovskogo sektora v iyune 2023. Informatsion no-analiticheskiy material (On the development of the banking sector in June 2023. Informational and analytical material). Available at: https://cbr.ru/Collection/Collection/File/45179/razv_bs_23_06.pdf (accessed November 17, 2023) (in Russian).
  10. O razvitii bankovskogo sektora v sentyabre 2023. Infor ma tsionno-analiticheskiy material (On the development of the banking sector in September 2023. Informational and analytical material). Available at: https://cbr.ru/Collection/Collection/File/46509/razv_bs_23_09.pdf (accessed November 17, 2023) (in Russian).
  11. Sinichenko O. A. Features of preferential mortgage lending in Russia. Vektor ekonomiki: elektronnyy nauchnyy zhurnal [Vector of Economics: Electronic scientific journal], 2020, no. 9 (51). Available at: http://www.vectoreconomy.ru/images/publications/2020/9/financeandcredit/Sinichenko.pdf (accessed November 17, 2023) (in Russian).
  12. Sherunkova O. Trillions of banks are tripled. Kommersant. Site. Available at: https://www.kommersant.ru/doc/6238366?ysclid=loigpdb6ru568949605 (accessed November 17, 2023) (in Russian).
Available online: