The European Central Bank (ECB) stated in a banking supervision statement that the European subsidiary of Sberbank is “bankrupt or likely bankrupt”.
Sberbank Europe AG, which is headquartered in Austria and has subsidiaries in Croatia and Slovenia, suffered “significant deposit outflows” in the last few hours “as a result of the impact of geopolitical tensions” due to the Russian invasion of Ukraine.
For this reason, the ECB determined that it is should from bankruptcy the most important Russian financial institution, at least in its European headquarters.
“In the near future, it is likely that the bank can’t pay your debts or other liabilities as they come due”, warns the ECB, given the deterioration in liquidity.
On top of that, the FMA, which is Austria’s financial regulatory authority, imposed a moratorium to Sberbank Europe AG for which until March 2 you will not be able to issue any withdrawal, transfer or transaction.
Liz Truss, UK Foreign Secretary, announced moments ago that her government is in the process of applying sanctions once morest the Russian bank Sberbank, which increases the pressure on the diminished financial group.
The sanction occurs following the United States and countries of the European Union agreed to remove Russian financial institutions from SWIFT, the most important interbank communications mechanism on the planet, which they estimate might cause enormous damage.
In fact the Russian ruble started to plummet hugely following the announcement of the expulsion of SWIFT.
#Sberbank???????? Europe AG had “deposit outflows as a result of the impact of geopolitical tensions”, ECB said ????????
The withdrawals caused “deterioration of its liquidity” and “there are no measures available with realistic possibilities” of restoring its flow (ama)https://t.co/gubtpopNGy
— DW Español (@dw_espanol) February 28, 2022
