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Russia

EU to sanction Sberbank, other banks

cde.news desk · 1 min read
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epa09814692 An electronic panel displaying the euro sign at an exchange office in Moscow, Russia, 10 March 2022. The ruble accelerated its fall against the dual-currency basket in anticipation of the announcement by Western countries of the previously announced new anti-Russian sanctions. In response to the military operation of the Russian armed forces that began in Ukraine, US authorities imposed sanctions against a number of key Russian banks. The US sanctions list includes VTB, Sberbank, Gazprombank, Sovcombank, Novikombank, Otkritie Bank, Alfa-Bank and Credit Bank of Moscow. EPA-EFE/MAXIM SHIPENKOV

The European Union plans to sanction Russia’s largest lender Sberbank and other Russian financial firms in its next round of restrictions, European Commission head Ursula von der Leyen told a German newspaper.

“We are looking further at the banking sector, especially Sberbank, which accounts for 37% of the Russian banking sector,” von der Leyen told Bild am Sonntag when asked about the forthcoming sixth round of sanctions.

The US had imposed “severe sanctions” on Sberbank and another Russian lender, Alfa Bank, earlier in April. The UK has also sanctioned Sberbank and committed to ending all imports of Russian coal and oil by the end of 2022.

But the EU had, so far, spared Sberbank and another large Russian lender, Gazprombank, because they were the main routes for its payments for Russian oil and gas.

Von der Leyen said the EU was working on “clever mechanisms” to include oil in the next sanctions, Reuters reported.

In its fifth round of penalties, the EU had announced a number of restrictions, including a “full transaction ban” on four banks that represented 23% of Russia’s banking sector.

Filed under Comuniq.EURussia
Topics RussiaSberbankUrsula von der Leyen

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