The CEO of Sber, Herman Gref, has criticized the “inhumane” Western sanctions imposed on ordinary Russian investors, warning that they have undermined international markets and will harm future investment prospects. Gref made these remarks during an interview with Russia 24 at the Eastern Economic Forum in Vladivostok.
According to Gref, trust in the markets themselves has not been destroyed. Rather, it is the trust in issuers and countries that have introduced what he considers to be inhumane sanctions against people. He believes that the treatment of ordinary investors and individuals who have invested in papers and trusted their money with international companies is “beyond good and evil.”
Despite this, Gref also emphasized that confidence in the stock market itself has not been eroded. He acknowledged that the stock market comes with its pros and cons, such as volatility, that can lead some to make money while others may lose. He believes that the stock market will always play a significant role because it is the primary way for the majority of investors in the world to make money.
The issue of Western sanctions on Russia is directly related to the Ukraine conflict. As part of these sanctions, hundreds of billions of dollars’ worth of Russian state assets and funds belonging to its citizens have been frozen by the European Union, United States, and their allies. The Russian central bank estimates that nearly 20% of the assets held at Western financial institutions are owned by Russian retail investors.
Last week, Kremlin spokesman Dmitry Peskov issued a warning that any attempts to use Russian funds blocked by the US and its European allies would eventually lead to legal action. He emphasized that none of these cases of illegal retention would be left without attention.
The news of Western sanctions and the freezing of Russian assets has raised concerns about the impact on international markets and future investment prospects. The situation has created uncertainty for investors and has sparked discussions about the fairness and consequences of these sanctions.
In conclusion, Sber’s CEO Herman Gref has criticized the Western sanctions on Russian investors, calling them inhumane and warning of the negative impact on international markets. He believes that while trust in issuers and countries may be affected, confidence in the stock market itself remains intact. The freezing of Russian assets by Western countries has raised concerns and prompted warnings from the Russian government about potential legal action. The situation continues to be a topic of discussion among investors and economists.