Russia is so cut off from the international financial system that the Kremlin thinks Western sanctions have ‘insured’ the country against the banking crisis

For US banks, it has been a difficult week. The Kremlin, though, sees the positive side of things.

The Kremlin believes that the collapse of Silicon Valley Bank will have no effect on Russia since it is now so isolated from the rest of the world’s financial system.

“Our banking system has certain connections with some segments of the international financial system, but it is mostly under illegal restrictions from the collective West,” the spokesperson for Kremlin, Dmitry Peskov, said Tuesday, according to TASS state news agency.

“We are, to a certain extent, insured against the negative impact of the crisis that is now unfolding overseas,” Peskov said, per the media outlet.

Source: Business Insider