By Anthony Marcus, for Eurasia Business News – March 2, 2022
Targeted by Western sanctions, Sberbank (Сбербанк) is the largest bank in Russia. Photo credit : Anthony Marcus, Moscow, 2020.
The Russian Sberbank reported that its subsidiaries in Europe have been facing anomalous cash outflows and threats to employee safety. In addition, due to an order of the Russian central bank, it became impossible to supply liquidity to European subsidiaries. The state-owned bank decided to withdraw from the European market.
“At the same time, Sberbank’s subsidiaries have a high level of capital and asset quality, and customer deposits are insured in accordance with local legislation. The bank’s assets are sufficient to make payments to all depositors,” Sberbank said. The withdrawal will not affect the bank’s subsidiary in Switzerland, as it does not belong to Sberbank Europe.
In the Czech Republic, Sberbank suspended the work of branches on February 25. It was alleged that employees were attacked and clients were aggressive due to disagreement with Russia’s military operation in Ukraine. An attempt of assault agasint a Sberbank branch was prevented by local police.
On February 24, the US Treasury imposed sanctions on a number of major Russian banks, including Sberbank, VTB, Promsvyazbank, Novikombank, Sovcombank, and other credit institutions and companies in the financial sector.
Read also : US President Joe Biden announced new sanctions against Russia
Read also : European states agreed to impose new sanctions on Russia
Read also : Russian central bank raised key rate to 20%
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