Russia’s Sberbank plunges amid warnings over collapse

Shares in Russia’s biggest state-controlled lender Sberbank have plunged as much as 74pc, as the European Central Bank warned it faced collapse.

London-listed shares in Sberbank hit a record low on Monday, after The Sunday Telegraph revealed that City law firms were preparing for the sanctions against the bank this week.

The European Central Bank warned that “owing to a deterioration of their liquidity situation”, Sberbank and its subsidiaries were “failing or likely to fail”.

It added that “the bank is likely to be unable to pay its debts or other liabilities as they fall due”.

Sberbank is also listed in Moscow, but the Russian stock exchange has yet to open. The Moscow Stock Exchange said on Monday morning it was delaying opening, but later said it would remain closed for the day.

The move comes as Russian businesses expect to be hit by tougher sanctions in the coming days, after Boris Johnson ordered a “full asset freeze” on VTB Bank, Russia’s second largest lender.

Other sanctions imposed on Russian firms last week included blocking them from being able to raise money on UK capital markets, and preventing Russian banks from being able to use SWIFT, a financial transaction system that is central to how businesses move money across the world. New curbs were also introduced on how much money Russian citizens were able to hold in UK banks.

Related Posts

republicans promise to continue bipartisan support for ukraine

The US Congress submitted a bill to recognize PMK “Wagner” as a terrorist organization

The document was submitted to Congress on December 1. Senators submitted to the US Congress a document on the recognition of PMC “Wagner” as a terrorist organization…

the us may move several nasams from the middle east

The US may move several NASAMS from the Middle East to Ukraine – Politico

Transferring systems from the Middle East to Ukraine will take less time than their production in the USA. The USA can send NASAMS systems from the Middle…

russia shelled kharkiv region the rocket hit a high rise building

Russia shelled Kharkiv region: the rocket hit a high-rise building (photo)

It is known about one victim. Russia shelled Kharkiv Oblast, a rocket hit a residential building / ua.depositphotos.com On the evening of December 1, 2022, the Russian…

the russian federation stopped using one of the concepts of

Buryatia sends yurts and shamans to the front in Ukraine for the military – mass media

Yurts will be sent to Donetsk region. Buryatia will send yurts and shamans to Donbas for the occupiers / ua.depositphotos.com From Buryatia, which is one of the…

a military observer explained how the pause between russian missile

A military observer explained how the pause between Russian missile strikes on Ukraine will change (video)

In order for enemy strikes to have any effect, an element of a breakthrough in Ukraine’s air defense is necessary, the expert noted. The Russian Federation will…

the pentagon signed a million dollar contract for the production of

The Pentagon signed a million-dollar contract for the production of HIMARS

MLRS will be produced for the needs of the US Army and allies. The Pentagon concluded a new contract for the production of HIMARS systems / photo…

Leave a Reply

Your email address will not be published. Required fields are marked *