Russia’s Sberbank pulls out of Europe after facing failure amid sanctions

Bank’s European subsidiaries faced ‘abnormal cash outflows’, so it could no longer supply them with liquidity

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Sberbank, Russia’s biggest lender, is pulling out of the European market, after it said it faced large outflows of cash in the region, as well as threats to the safety of its employees and branches.

The bank said in a statement that its European subsidiaries had faced “abnormal cash outflows”, meaning it could no longer supply them with liquidity. However, Sberbank said it had sufficient capital to be able to make payments to all of its depositors.

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