The crisis is not expected to erupt again in the short term as the economy has come out of recession, CEO of the Russia’s largest bank Sberbak Herman Gref said on Saturday on the sidelines of the Munich Security Conference.

“There will definitely be a repeat of the crisis,” Gref said. “However, in the short term we do not expect a repeat of the crisis.”

“Speaking in the economic terms, the economy has come out of recession and got into stagnation,” he added.