Kostin announced the end of globalization and "cold war 2.0"

The current sanctions against RUSSIA will be in effect for a long time, and the period of globalization is over, says the HEAD of VTB Andrey Kostin. Russiareceived a "red card" in the world market,he wrote in a column for RBC Andrey Kostin

The banking sector will need to continue devaluating balance sheets as the new sanctions imposed on Russia will take a long time to come into effect, VTB Bank Chairman Andrey Kostin wrote in an op-ed for RBC.

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“Sanctions are long-term. Globalization in its former form is over. The world is likely to be again rigidly divided into “us” and “them”. This is Cold War 2.0. Admission to the world market (where our rules do not apply) must be earned by good behavior - that is, "playing by the rules" - follows from a recent statement by British Foreign Secretary Liz Truss, which she made in the City of London. Russia received a "red card". CHINA  is still “yellow,” says Kostin.

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After the collapse of the USSR, Russia “entered the game of globalization, the rules of which were not formulated by it and without its participation,” the head of VTB wrote: “It would be wrong to say that this process did not bring significant economic benefits to our country. One of the beneficiaries was the modern financial sector, which was created in just a few years almost from scratch on the basis of American and European (there were simply no others!) Technology platforms, tools and business practices.” However, the 2008 crisis showed the risks of dependence of economy funding on foreign markets.

At the same time, 2014 was a truly serious call, Kostin is sure: “The largest domestic banks were cut off from Western capital markets, and some colleagues were disconnected from international payment systems. It became clear: we can easily be "cancelled".

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“Looking from today, it is obvious that the integration of our country into the global market and political structures on the terms of “secondary” could not be sustainable, because it did not provide not only for taking into account Russia’s national interests in key areas, but even for an equal and mutually respectful dialogue,” - the head of the state bank believes.

Large-scale sanctions were introduced after Russia launched a special military operation in Ukraine in February. In particular, large banks, including VTB, fell under blocking sanctions and were disconnected from the SWIFT system, the supply of cash dollars and euros to the country was banned, the Central Bank's foreign exchange reserves in Europe and the United States were frozen. In early June, the European Union introduced the sixth package of sanctions, which provides for a partial embargo on Russian oil . The ban has been placed on offshore shipments of oil, but excludes exports via pipelines, through which EU members, including Hungary, Germany and Poland, received about a third of the oil.