The Effects of the GFC on the Russian Banking Sector

The GFC has affected national banking sectors across the globe. These effects have differed according to many factors, including the degrees of openness in real and financial sectors, maturity of financial intermediation, and fiscal and monetary policy responses. One very interesting case is the Russian banking sector which has financial aspects of developed economies, including a convertible currency and open equities market, but also aspects of developing economies, especially a banking sector that is still evolving towards international standards and practices. This paper examines how the GFC has affected Russian banks and how that crisis and responses to it are causing those banks to change