Russia’s largest bank, Sberbank, withdraws from the European market. The bank announced Wednesday that it is leaving almost the entire European market, citing massive cash outflows and threats to its personnel and property in the wake of Russia’s invasion of Ukraine and Western sanctions.
The sanctions imposed due to Russia’s invasion of Ukraine continue to put the country’s economy in trouble. According to Reuters, Sberbank, which has recently come to the fore with its pro-crypto moves, will no longer operate in the European market. In the news, which was reported to not provide liquidity to its subdivisions in Europe, it was also reported that there was sufficient capital to pay all depositors. The following statements were included in the statement:
“Currently, Sberbank has decided to leave the European market. The group’s affiliated banks faced abnormal cash outflows and threats to the safety of their employees and branches.”
The ECB had recently announced the closure of Sberbank’s European arm and warned that it was facing bankruptcy due to a shortage of deposits. Operating in Austria, Germany, Croatia, Hungary and other countries, the bank has assets worth $14 billion in Europe.
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