Monday, April 15, 2024

Russia’s largest bank has announced its withdrawal from European markets

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Russia’s main bank, Sberbank, announced on Wednesday that it was withdrawing from European markets after being hit by massive financial sanctions in response to Moscow’s attack on Ukraine.

“Under the current circumstances, Sberbank has decided to withdraw from the European market. Group banks are facing extraordinary withdrawal and threats to the security of their employees and offices,” Russian news agencies reported.

The statement added that the bank would not be able to provide liquidity to its European branches due to a memorandum issued by the Russian central bank.

Sberbank has branches in eight European countries: Germany, Austria, Croatia, Czech Republic, Hungary, Slovenia, Serbia and Bosnia and Herzegovina.

“Sberbank’s European branches enjoy large amounts of capital, assets and customer deposits guaranteed by local law,” the bank said.

The EU bank regulator has announced that bankruptcy proceedings will be instituted at Sberbank’s major European branch, which has been weakened by the financial crisis.

The branch of Sberbank Europe AG, headquartered in Austria, employs about 4,000 people and is subject to “bankruptcy proceedings” in the country, the authority said.

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Rolf Colon
Rolf Colon
"Creator. Award-winning problem solver. Music evangelist. Incurable introvert."

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