Russia’s largest bank, Sberbank, announced, on Wednesday 2 March, that it is withdrawing from the European market as it undergoes a restructuring process initiated after the adoption of international sanctions targeting the Russian banking sector in reaction to Russia’s invasion of Ukraine (see EUROPE B12900A8).
“The group’s subsidiary banks are facing abnormal cash outflows and threats to the security of their employees and branches”, Sberbank announced in a statement quoted by...