Russia's largest bank announces its exit from European markets

The financial institution "Sberbank", the largest bank in Russia, announced today, its exit from the European markets, after the emergence of security risks for the safety of employees and its branches in Europe.

This is according to Russian local media.

"In the current situation, Sberbank has decided to withdraw from the European market. Group banks are facing abnormal withdrawals and threats to the safety of their employees and offices," the bank said in a statement reported by Russian news agencies.

The statement added that the bank is no longer able to provide liquidity to its European branches due to a memorandum issued by the Russian Central Bank.

Sberbank had branches in eight European countries: Germany, Austria, Croatia, the Czech Republic, Hungary, Slovenia, Serbia and Bosnia and Herzegovina.

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