FILE PHOTO: The logo of the Russian Sberbank Europe AG bank is seen on their headquarters in Vienna, Austria, February 28, 2022. REUTERS/Leonhard Foeger

March 1, 2022

VIENNA (Reuters) – The European arm of Sberbank, Russia’s biggest lender, has been closed by order of the European Central Bank, which had warned it faced failure due to a run on deposits after Russia invaded Ukraine, Austria’s Financial Market Authority said.

“By order of the European Central Bank (ECB), the Austrian Financial Market Authority (FMA) issued a decision today banning the licensed credit institution ‘Sberbank Europe AG’ … from continuing business operations in their entirety with immediate effect,” the FMA said in a statement late on Tuesday. Sberbank Europe is based in Vienna.

(Reporting by Francois Murphy; Editing by Leslie Adler)


Source: One America News Network

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