Russia's largest lender Sberbank withdraws from EU market amid sanctions

By Aysu Bicer

ANKARA (AA) - Russia's largest lender said Wednesday it is withdrawing from the European market as its subsidiaries there are facing large cash outflows amid Western sanctions.

"In the current situation, Sberbank has decided to leave the European market," it said in a statement. "The group's subsidiary banks have faced abnormal cash outflows and threats to the safety of its employees and branches."

A few days ago the European Central Bank warned that Sberbank Europe AG and two subsidiaries of the bank in Croatia and in Slovenia are failing or likely to fail owing to a deterioration of their liquidity situation.

The EU, US, UK, Canada and the EU Commission agreed Sunday to remove several Russian banks from the SWIFT banking system as Russia continued bombing Ukraine.