“In the current environment, Sberbank has decided to withdraw from the European market,” it said on Wednesday in a statement carried by Russian news agencies.
The state-controlled bank’s European subsidiaries were experiencing “abnormal cash outflows and threats to the safety of employees and branches”, it added.
The bank said it was no longer able to supply liquidity to European subsidiaries, following a central bank order, but its capital level and asset quality were sufficient to pay all depositors.
The news came as Sberbank reported record annual profits for 2021.
