The European Central Bank (ECB) confirmed the “bankruptcy or probable bankruptcy” of the European subsidiary of the Russian bank Sberbank, one of the largest in the country. This was due to the “significant” withdrawals of deposits in the face of the crisis in Ukraine and Western sanctions.
Sberbank Europe AG, based in Austria and subsidiaries in Croatia and Slovenia, “had significant deposit outflows as a result of the impact of geopolitical tensions,” the ECB’s banking supervisory body explained in a statement. He warned that “in the near future, you may not be able to pay your debts or other liabilities as they come due”.
Days earlier, Russia’s largest bank said it was ready for different developments despite threats of sanctions sending shares plummeting.
“We are prepared for any development of the situation and have worked on scenarios to ensure that the funds, assets and interests of our clients are protected, and also that our functions are fully operational,” Sberbank said at the time.
Source: Larepublica
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