02.03.2022, 09:55
Sberbank will Leave the European Market
Source: OREANDA-NEWS
OREANDA-NEWS. Sberbank has decided to withdraw from the European market. This is stated in the message of the credit institution on March 2.
They explained that the subsidiary banks faced an abnormal outflow of funds and a threat to the safety of their employees.
“By virtue of the order of the Central Bank of Russia, Sberbank of Russia will not be able to supply liquidity to European subsidiary banks. At the same time, Sberbank's subsidiaries have a high level of capital and asset quality, and customer deposits are insured in accordance with local legislation.
The credit institution assured that the bank's assets are sufficient to make payments to all depositors.
On March 1, Russian President Vladimir Putin signed a decree introducing additional temporary economic measures to ensure financial stability in the country. As stated in the document, the decision to take additional measures was taken in connection with "unfriendly and contrary to international law actions of the United States and foreign states and international organizations that have joined them," which are aimed at imposing sanctions against citizens and legal entities of Russia.
In particular, from March 2, it is forbidden to export cash foreign currency from the Russian Federation in an amount exceeding $10,000 and "calculated at the official rate of the Central Bank (CB) of the Russian Federation, established on the date of export."
In addition, it became known that the UK imposed sanctions against correspondent accounts of Sberbank, and also banned clearing operations in pounds.
On February 28, the US Treasury banned transactions with the Central Bank of the Russian Federation, the Treasury and the National Welfare Fund. On February 24, Washington imposed sanctions on a number of Russian companies with state participation or organizations important for the economy, and on "two companies dominated by private capital." The list includes Gazprombank, Alfa-Bank, Sberbank, Otkritie Bank, Sovcombank, VTB, Rosselkhozbank, Moscow Credit Bank (MKB) and Novikombank. Then other countries imposed sanctions against Russian banks.
They explained that the subsidiary banks faced an abnormal outflow of funds and a threat to the safety of their employees.
“By virtue of the order of the Central Bank of Russia, Sberbank of Russia will not be able to supply liquidity to European subsidiary banks. At the same time, Sberbank's subsidiaries have a high level of capital and asset quality, and customer deposits are insured in accordance with local legislation.
The credit institution assured that the bank's assets are sufficient to make payments to all depositors.
On March 1, Russian President Vladimir Putin signed a decree introducing additional temporary economic measures to ensure financial stability in the country. As stated in the document, the decision to take additional measures was taken in connection with "unfriendly and contrary to international law actions of the United States and foreign states and international organizations that have joined them," which are aimed at imposing sanctions against citizens and legal entities of Russia.
In particular, from March 2, it is forbidden to export cash foreign currency from the Russian Federation in an amount exceeding $10,000 and "calculated at the official rate of the Central Bank (CB) of the Russian Federation, established on the date of export."
In addition, it became known that the UK imposed sanctions against correspondent accounts of Sberbank, and also banned clearing operations in pounds.
On February 28, the US Treasury banned transactions with the Central Bank of the Russian Federation, the Treasury and the National Welfare Fund. On February 24, Washington imposed sanctions on a number of Russian companies with state participation or organizations important for the economy, and on "two companies dominated by private capital." The list includes Gazprombank, Alfa-Bank, Sberbank, Otkritie Bank, Sovcombank, VTB, Rosselkhozbank, Moscow Credit Bank (MKB) and Novikombank. Then other countries imposed sanctions against Russian banks.
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