Leading Russian bank Sberbank exiting Europe amid sanctions

AP , Wednesday 2 Mar 2022

Leading Russian bank Sberbank announced Wednesday it is pulling out of European markets amid tightening Western sanctions over Russia's invasion of Ukraine.

Russia
This file photo taken on February 28, 2022 shows the logo of Russia s largest lender Sberbank, in Ljubljana.AFP

The bank said its subsidiaries in Europe were facing an ``abnormal outflow of funds and a threat to the safety of employees and branches,'' according to Russian news agencies. They did not provide details of the threats.

Authorities in Austria and Czech Republic had taken actions in recent days against Sberbank's activities in Europe.

The move was the latest consequence of Russia's invasion last week, which has led to warfare across Ukraine and unprecedented Western sanctions aimed at isolating Russia's economy.

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