oann

Kremlin: No risk to Russia from failure of SVB bank in US

Conservative News DailyMarch 14, 2023

MOSCOW (Reuters) – There is no risk to Russia from the failure of Silicon Valley Bank (SVB) in the United States because it is largely cut off from the Western financial system, the Kremlin said on Tuesday.

Dmitry Peskov, Kremlin spokesperson, said that Russia was at risk due to the collapse of SVB. This has hit financial markets across the United States, Europe, and Asia. “There are practically none right now.”

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1663871513696-art-1’); });

He also added: “Our banking system has certain connections with some segments of the international financial system, but it is mostly under illegal restrictions” – a reference to Western sanctions on Russia’s economy and most of its leading banks.

“We are, to a certain extent, insured against the negative impact of the crisis that is currently unfolding overseas,” Peskov stated this to reporters.

SVB Financial Group, a lender that focuses on startups, became the largest bank insolvent since 2008’s financial crisis. It has been a disaster for global markets.

(Reporting from Reuters; Editing: Mark Trevelyan

“From Kremlin: Russia does not face any risk due to the US failure of SVB bank”

“The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily”

Read More From Original Article Here: Kremlin: No risk to Russia from failure of SVB bank in US

" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."