European subsidiary of Russian bank Sberbank in “bankruptcy or probable bankruptcy”, says ECB

The European Central Bank (ECB) confirmed on Monday the “bankruptcy or probable bankruptcy” of the European subsidiary of the Russian bank Sberbank, one of the largest in the country, because ofand “significant” deposit withdrawals in the face of the crisis in Ukraine and Western sanctions.

Sberbank Europe AGheadquartered in Austria, and its 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.

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warned that “In the near future, the bank may not be able to pay its debts or other liabilities as they come due.”

The withdrawals caused a “impaired liquidity” and “there are no measures available with realistic possibilities” to restore the institution’s cash flow.

Soon after, the Austrian regulator FMA imposed a “moratorium on the European subsidiary”, with which you will not be able to proceed to “no withdrawal, transfer or other transaction”, at least until March 2.

Under European regulation, individual deposits are guaranteed up to 100,000 euros.

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The two largest Russian banks, Sberbank and VTB Bankhave been the target of US sanctions since Thursday that seek to limit their international transactions due to the Russian invasion of Ukraine.

Sanctions targeting the Russian banking system were reinforced on Saturday with the announcement of its exclusion from the international banking transaction platform. SWIFT.

Sberbank Europe AG belongs 100% to the Russian central bank. It also has subsidiaries in Bosnia-Herzegovina, the Czech Republic, Hungary and Serbia, which would be affected by bankruptcy but are not under the jurisdiction of the ECB.

The European supervisor specified that in coordination with the national authorities” in those countries.

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Source: Elcomercio

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