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AP National Business

With sanctions, Russian Sberbank faces ‘failure’ in Europe

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Published 6:31 AM

By DUSAN STOJANOVIC
Associated Press

BELGRADE, Serbia (AP) — Sberbank and the Russian bank’s subsidiaries in southeastern Europe are facing closures or takeovers following international sanctions imposed on Moscow for its invasion of Ukraine. The European Central Bank said Monday that Sberbank Europe AG and its branches in Slovenia and Croatia are failing or likely to fail after they “experienced significant deposit outflows” because of the impact to their reputation from the conflict. In both Slovenia and Croatia, Sberbank temporarily closed its branches or limited cash withdrawals following a rush by its clients last week. Sberbank Europe AG also has subsidiaries in Bosnia the Czech Republic, Hungary and Serbia.

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