Russian lender Sberbank announced on Friday it is closing its investment arm in London.
The UK Financial Conduct Authority, stated that the bank is “operationally unable to make payments” as a result of the sanction imposed on Russia after its invasion of Ukraine.
Sberbank said in a statement:
Sberbank is ceasing the operation of its London office, Sberbank CIB (UK) Limited. We are in contact with the local regulator, the FCA, and in accordance with the law we will close our activities, fulfilling all obligations to our clients.
The UK regulator has appointed David Philip Soden, Robert Scott Fishman and Matthew Steven Roe, all of Teneo Financial Advisory Limited, as joint special administrators of Sberbank CIB. The special administration is a form of creditor protection that often precedes bankruptcy.
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