Russia’s largest lender, Sberbank, is leaving European market following stark sanctions. The bank said its subsidiaries are facing large cash outflows and even threats to the safety of its employees.
Sberbank saw a record annual net profit for 2021 of 1.25 trillion roubles ($12.40 billion). This was a 64% jump on yearly basis.
The unprecedented western sanctions aim to isolate Russia’s economy over President Putin’s invasion of Ukraine. The sanctions include the exclusion of some of Russian banks from the global payments system SWIFT.
The European Central Bank (ECB) had already ordered Sberbank’s European unit to close.
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