The unfolding banking crisis in the US is increasing the risks for the global economy, but cannot directly affect Russia, according to the head of Russia’s central bank, Elvira Nabiullina.

Moscow earlier said that the Western sanctions and the resulting disconnection from the international financial system has turned out to be “a blessing in disguise” for Russia.

“In assessing external conditions, I cannot but comment on the current situation in the banking system of the United States and Europe,” Nabiullina said at a press conference on Friday. “There is no direct impact on the Russian financial system, but this new factor on its own adds uncertainty about the future trajectory of the global economy.”