Sberbank announces its exit from the European market

Sberbank Group, Russia’s main bank, announced that it is almost completely leaving the European market (with the exception of Switzerland) due to the impact of sanctions by Western countries in retaliation for the Russian invasion of Ukraine.

“In the current situation, Sberbank decided to withdraw from the European market,” the bank said in a statement released by Russian news agencies.

The entity added that the bank’s European subsidiaries face irregular outflows of funds and threats to the security of both its employees and its branches.

Sberbank stated that it is not in a position to provide liquidity to its European subsidiaries due to a provision by the Russian central bank.

Around 05:15 a.m. on Wednesday, central Mexico time, Sberbank’s certificate of deposit on the London Stock Exchange pulverized its value by plummeting 94% to a price of 0.01 dollars.

The bank has a presence in Germany, Austria, Croatia, the Czech Republic, Hungary, Slovenia, Serbia and Bosnia Herzegovina.

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