OREANDA-NEWS Due to the fact that Russia is cut off from major capital markets because of sanctions, it is necessary to create bank regulation "from scratch", said the head of VTB Andrey Kostin, Gazeta.ru reported.

According to him, Russia may now not adhere to the norms of regulation developed by the Basel Committee on Banking Supervision. The point is that everything has changed for Russian bankers. In addition, Russia has been deprived of access to major capital markets, payment systems, and international ratings.

So the best option would be to find a new approach and opportunities for growth. He added that Russia is now outside the financial system of the West. Because of this, the Central Bank has said it is willing to adjust the application of Basel to the current environment. Such action would have a positive impact on both the banking sector and the economy as a whole.

Earlier Kostin said that the deal to merge Otkritie Bank with VTB will not be closed before the fall, while there are many technical points to be coordinated.