Russia’s largest bank Sberbank will no longer operate in the European market. As a result of the economic sanctions imposed on the country, Sberbank, the largest financial institution in Russia, European marketreportedly withdrawn.
In a statement made by the bank, it was reported that its European subsidiaries are facing large cash outflows and the safety of their employees is under threat.
Lone Giant!
Russia, which is one of the world’s giant countries when evaluated in terms of both its size and its effects on countries, is experiencing a serious economic loss after the sanctions imposed by the West.
Global payment system alongside many financial bans SWIFTThe interruption of the ruble caused a significant collapse of the ruble. The said sanctions also affected giant banks such as Sberbank.
According to a recent report from Reuters, the institution will no longer provide liquidity to its European subdivisions. However, the bank claimed it had sufficient capital and asset quality to pay all depositors.
The bank, which has European assets of over 14 billion dollars, was active in many countries from Austria to Germany, from Croatia to Hungary.
Sberbank’s Crypto Ventures
At the end of 2021, Sberbank created a Blockchain exchange fund (ETF) that tracks leading companies in the cryptocurrency industry such as Coinbase and Galaxy Digital. This was the first product in Russia and allowed investors to enter the digital asset universe without buying, storing or selling tokens.