Western sanctions against Russia create many problems for the country, but at the same time they open new opportunities, President Vladimir Putin said at a meeting on the socio-economic development of Crimea and Sevastopol. This is reported by TASS.

“Yes, of course, the development of the peninsula’s economy is affected by Western sanctions, which apply to the banking sector, the supply of a number of goods and so on,” he said.

At the same time, the Russian leader noted that a new package of sanctions followed after the start of the military operation in Ukraine. “I have already said that the restrictions imposed against Russia, of course, create a lot of problems. But not only do they create problems, they also open new opportunities for us,” Putin emphasized.

Large Russian companies, including banks, have nothing to fear anymore, they can start working in Crimea, the president added.

“Now there are all conditions for large Russian business structures, which, to put it bluntly, used to be afraid of some sanctions measures – now they have nothing to fear. Now they can safely come, including, incidentally, banks, to the peninsula and actively work in the region,” he said.

Putin explained that, for example, Promsvyazbank is already present on the peninsula, but now “the institution should start working in Crimea as quickly and widely as possible”.