Impact of Economic Crises on the Banking Sector of the Russian Federation

Economic crises inflict great damage on almost all spheres of life in the state, including the banking sector experiencing problems in such an atmosphere. The pressure on the banking sector has been enormous throughout the history of the Russian Federation. In the nineties, this was associated with the hope for banks, which were expected to support the new state formation, but the "young age" of the legislative base minimized the effectiveness of banks in this field, and many enterprises created banks for their own purposes. It was in the period from 1998 to 2000 years when many banks were closed. If we recall the crisis of 2008, in general, it touched Russia indirectly, so the lessons of the crisis were not enough to increase the effectiveness of the State and the banking sector in particular. Still some encouraging conclusions had been drawn, including the central bank strengthening control over the sector and clearing out the "toxic" institutions by 2014. The local economic crisis of 2014, which seriously affected the interaction with foreign companies and domestic enterprises working in the territory of other countries and actively using settlements in foreign currency. The banks then faced huge problems... However, are there any positive effects from the crises for the banking sector? The answer to this question the author tried to find in this study.