Hit hard by sanctions from Western countries, Russia's top bank sberbank is dropping out of European markets. By iamsandali
Sberbank is dropping out of EU markets citing sanctions
Sberbank, one of Russia's largest state-controlled banks, is dropping out of almost all European markets citing Western sanctions following Russia's invasion of Ukraine, ReutersAccording to the report, the bank suffered large outflows of cash and threats to its staff and property.the closure of Sberbank's European unit after a run on deposits following Russia's invasion of Ukraine last week.
Sberbank's European assets were valued at 13 billion euros at the end of 2020, according to the report. The bank operated in several European countries, including Austria, Croatia, Germany and Hungary. Sberbank has used blockchain technology for banking, launching numerous initiatives over the last few years. In January 2021, it filed toThe European Union today said it
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