Collapse of Russian economy is inevitable, Association of Ukrainian Banks CEO says

This was stated by Andriy Dubas, the President and CEO of the Association of Ukrainian Banks, on Espreso TV channel.

"All that is left for Russia is to force its banks to buy government securities, because no one from outside lends them money. The funds of banks and clients will be used by the state. This is a bad signal for Russian citizens and a good signal for us," he said.

According to Dubas, this will have a positive outcome for Ukraine, because this money is not unlimited.

"The collapse of the Russian economy is inevitable. It's hard to predict what this could lead to from a political point of view. The fact that their economic collapse is not far off is unequivocal. All the sanctions and actions to reduce Russia's ability to fight are now coming into reality and are an avalanche on the Russian budget, economy, ruble and income," the economist concluded.