Russia's Sberbank leaving European market

10:30, 02.03.2022 1 min read

Sberbank, the largest Russian bank blacklisted by the United States and the European Union over the Russian military operation in Ukraine, has decided to leave the European market.

"Subsidiary banks of the group have encountered an abnormal outflow of funds and a security threat to employees and offices. Sberbank of Russia is unable to supply subsidiary banks in Europe with liquidity due to the orders from the Russian Central Bank," Sberbank said in a statement.

The subsidiary banks 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, it said.