According to him, there are no preconditions for a new default now, but so-called “financial bubbles” may emerge. This phenomenon happens in countries that enter a period of quick growth. Russia is one such country, Mr. Khandruyev says.

In his opinion, the goal of doubling the country’s GDP could lead to the emergence of “financial bubbles”. Prices for some assets, especially real estate and securities, could rise quickly. If the price for an asset climbs by 20 percent a year, it means that a “financial bubble” is possible, according to Mr. Khandruyev.

He said so far, there were only abstract preconditions for “financial bubbles”, but they could emerge soon in some market segments. In particular, real estate traders could fail to meet their obligations. The problem is further exacerbated by the fact that this market is artificially monopolized in Russia.

On the possibility of a banking crisis in Russia, Mr. Khandruyev said it was possible in the event of a liquidity crisis. But liquidity is high on the Russian market now.