Russia's Sberbank CEO calls reports of new U.S. sanctions on rouble 'nonsense'

Reports that new U.S. sanctions may hit the Russian rouble's conversion ability are "nonsense", German Gref, the chief executive of Russia's top bank Sberbank told reporters on Tuesday.


Reuters | Moscow | Updated: 07-12-2021 17:02 IST | Created: 07-12-2021 16:56 IST
Russia's Sberbank CEO calls reports of new U.S. sanctions on rouble 'nonsense'
Herman Gref Image Credit: Wikipedia
  • Country:
  • Russian Federation

Reports that new U.S. sanctions may hit the Russian rouble's conversion ability are "nonsense", German Gref, the chief executive of Russia's top bank Sberbank told reporters on Tuesday. U.S. officials said earlier that the sanctions, which a source said could target Russia's biggest banks and Moscow's ability to convert roubles into dollars and other currencies, were designed to dissuade Putin from using thousands of troops massed near the Ukrainian border to attack.

"This is just nonsense... This is impossible to ban, impossible to execute," Gref told an online briefing when asked about the possibility that U.S. and European allies are weighing sanctions. Russian President Vladimir Putin and his U.S. counterpart Joe Biden will hold a video call later in the day, and Biden will warn Putin of severe economic consequences should Russia invade Ukraine, a senior U.S. administration official said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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