Central Russian banks decided to end their operations in Europe due to imposed sanctions last week.
PJSC Sberbank recent activities
On 2 March 2022, Russia's largest lender Sberbank announced that it was quitting almost all European markets. The decision was made after Western countries imposed sanctions, resulting in significant cash outflows. The total worth of European assets as of 31 December 2020 was valued at $14.4 billion.
The bank has already started liquidating its European subsidiaries while fully liquidating in Croatia and Slovenia. The bank plans to close and liquidate its operations in Hungary and Serbia in nearby upcoming weeks. The overall strategy of a bank is to exit Central and Eastern European operations after the failure of its Austrian branch due to the finan...
