Russia’s Sberbank says working as usual despite new EU sanctions

The brand is on show in an workplace of Sberbank in Saint Petersburg, Russia April 19, 2022. REUTERS/REUTERS PHOTOGRAPHER

Could 31 (Reuters) – Russia’s largest lender Sberbank (SBER.MM) mentioned on Tuesday new European sanctions wouldn’t influence its operations after European Union leaders agreed to chop financial institution that was already below sanctions from the SWIFT messaging system.

EU leaders agreed in precept on Monday to chop 90% of oil imports from Russia by the year-end and on different sanctions, corresponding to reducing Sberbank from SWIFT, in an effort to punish Moscow for what it calls a “particular navy operation” in Ukraine. learn extra

“We’re working as common regardless of the brand new sanctions,” Sberbank mentioned in an announcement, including that the primary restrictions on its operations have already been in place.

The USA in April imposed sanctions on Sberbank, which has over 110 particular person prospects and holds one-third of Russia’s whole banking belongings. Again then, Sberbank additionally mentioned the penalties will not have a big influence on its operations. learn extra

“The cutoff from SWIFT will not be altering the present scenario in worldwide settlements. Russian operations don’t rely upon SWIFT and might be carried out by the financial institution in normal mode,” Sberbank mentioned on Tuesday.

Reporting by Reuters; modifying by David Evans

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