Largest Bank in Russia Announces Exit from European Markets

The financial institution "Sberbank," the largest bank in Russia, announced today its exit from the European markets due to security risks concerning the safety of its employees and branches in Europe, according to local Russian media. The bank stated in a press release reported by Russian news agencies, "In light of the current situation, Sberbank has decided to withdraw from the European market. The bank's group is facing unusual withdrawals and threats regarding the safety of its employees and offices." The statement added that the bank is no longer able to provide liquidity to its European branches due to a memorandum issued by the Central Bank of Russia. Sberbank had branches in eight European countries: Germany, Austria, Croatia, the Czech Republic, Hungary, Slovenia, Serbia, and Bosnia and Herzegovina.