The Moscow offices of three major Russian banks appeared to be open as usual on Wednesday, despite being targeted by US sanctions.
However stocks took a tumble in the Russian capital in early trading, prompting a promise from Russia’s central bank that it would support financial institutions hit by the sanctions.
In an online statement, the bank promised to “take adequate measures” to support targeted institutions.
Russia’s state-owned VTB bank was down 0.5 percent on Wednesday morning.
Other major banks that were left unscathed by sanctions, such as the country’s largest, Sberbank, were trading higher.
Russia’s MICEX benchmark index added 2.3 percent from its previous closing.
US officials said on Tuesday that roughly 30 percent of Russia’s banking sector assets are now constrained by sanctions.
US and European officials hope the new round of sanctions targeting energy and defence entities, as well as major banks, will impact Russia’s economy even further and force President Vladimir Putin to end provocations in Ukraine.
Some Russians have concerns about the sanctions, while others say the US and EU will suffer just as much.
“I have some concerns for my own savings. And in general, the situation is not stable.” said Indira Minigazimova, from the city of Ufa.
However Moscow resident Yevgeni Razdorsky told AP Television he thought the sanctions would “bring harm to our partners in the EU and the US.”
Some analysts warned on Wednesday that Germany in particular could suffer as a consequence of the sanctions.
Robert Halver, Head of market research at Baader Bank in Germany told AP Television “German medium sized companies, the backbone of the German economy, and not so much the major industrial enterprises are negatively affected.”
Halver also warned that Russia could create counter sanctions, affecting gas deliveries.
However that step was unlikely as Russia needed the money, he added.
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Reax after US sanctions hit Russian banks; reax from German stock market