ECB predicts bankruptcy of Sberbank Europe

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ECB predicts bankruptcy of Sberbank Europe
ECB predicts bankruptcy of Sberbank Europe
28 February, 09:30Economy
The European "offshoot" of Sberbank is on the verge of bankruptcy, said the European Central Bank. Sberbank Europe faced a major outflow of funds due to the crisis in Ukraine.

"Sberbank Europe and its two subsidiaries in the banking group, Sberbank in Croatia and Sberbank in Slovenia, are going bankrupt or could go bankrupt due to deteriorating liquidity conditions", - the ECB said.

Sberbank, VTB and some other Russian banks came under US sanctions due to the special operation of the Russian Federation and Ukraine.

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