In light of sanctions imposed by the US pursuant to which adverse consequences may be faced by any Russian companies doing business with companies on a specific list which includes Russia’s major national defense enterprises, it does make sense to establish a separate bank which will deal with the national defense industry, concurs Yuriy Stepanov, Finance Director, BMS Law Firm.

This will secure the position of other major Russian banks, and Promszyaz’bank itself will not be threatened, since it will have a niche specialization, the expert noted.