06 July 2015, 19:02 / Economy / News

The Greek crisis will have a negative impact on Russia - VTB 24 Chairman of the Board

The Greek crisis will have a negative impact on Russia through a weakening of the ruble and lower oil prices, says Mikhail Zadornov, Chairman of the Board of VTB 24.

“Russia will have a negative impact in two directions. First: the Greek crisis, of course, depreciates the currencies of Central Europe (Polish, Czech), the Balkan countries, where Greek banks have a strong presence, and, of course, the ruble. The ruble will depreciate during this period, as and all currencies that are not part of the eurozone itself,” he said on the Rossiya 24 TV channel.

The second negative consequence of the situation in Greece is the fall in oil prices. “The Greek crisis itself is a signal of less demand for oil assets, and along with the upcoming agreement with Iran, which the Six are currently seeking in Vienna, these two factors will negatively affect the Russian ruble and the economy,” the banker said.

On Sunday, more than 61% of Greek voters backed the Athens government's position in a referendum and said no to reforms that international creditors are insisting on as a condition for further aid to Greece. German Chancellor Angela Merkel subsequently said that she saw no reason to negotiate a new aid package for Athens.