As economic sanctions on Russia increase, Sberbank, Russia's largest bank, has withdrawn from its main business in Europe.
This is because the outflow of deposits from the affiliated banks made it difficult to continue the business.
According to European banking regulators and Western media, Russia's largest Sberbank will withdraw from its main business in Europe.
Austria-based Sberbank Europe is expected to go into resolution, and its subsidiaries Croatia and Slovenia will be sold to another bank.
As economic sanctions against Russia by Europe and the United States intensified following the military invasion of Ukraine, the Central Bank of Europe said on the 28th of last month that "there was a considerable outflow of deposits due to the influence of rumors due to geopolitical tensions". He pointed out that there is a possibility that the cash flow will get stuck in the near future.
It means that the business in Switzerland will continue.
On the 2nd, the EU-European Union decided to exclude seven Russian financial institutions from an international payment network called SWIFT.
Sberbank is not included in these seven, but has been sanctioned by the US government, which seems to have caused depositors' anxiety and concern.