Sberbank decided to leave the European market because its subsidiaries faced a large outflow of money and a threat to the safety of employees and branches, the bank’s press service said.
“Due to the order of the Central Bank of Russia, Sberbank of Russia will not be able to supply liquidity to European subsidiary banks,” the message says.
The report says that the companies have a high level of capital and asset quality, and customer deposits are insured in accordance with the laws of the countries in which banks operate. “The bank’s assets are sufficient to make payments to all customers,” the statement said.
The Austrian Financial Market Supervisory Authority announced that, at the direction of the European Central Bank, it was forbidden to continue the commercial activities of Sberbank Europe AG. The department’s decision took effect immediately, the department stressed. The regulator appointed an external auditor for the bank and launched a deposit guarantee payment scheme, RIA Novosti writes.
Earlier, the US authorities ordered all financial institutions in the country to close correspondent accounts with Sberbank within 30 days. Later, the same measure was introduced by the British government. Such measures were taken after the announcement of the start of Russia’s military operation in the Donbass on February 24. Also, the United States, Great Britain, the EU and other countries have imposed restrictions on the work of other Russian banks, including VTB, Promsvyazbank, Sovcombank, Otkritie Bank, and others.