Finance watchdog orders ‘protective measures’ at Sberbank Switzerland
Keystone / Roland Schlager
The Swiss financial regulator has ordered protective measures to mitigate a risk of “liquidity problems” at the Zurich-based subsidiary of Russian bank Sberbank.
This content was published on
2 minutes
Keystone-SDA/dos
Español
es
El organismo de control financiero ordena “medidas de protección” en Sberbank Suiza
The measures, which include a 60-day deferral of the bank’s obligations from deposits, as well as a wide-ranging ban on payments and transactions, are “to protect creditors”, the Swiss Financial Market Supervisory Authority (FINMA) said on FridayExternal link.
Although the Swiss-based bank is not part of the Sberbank Europe Group, which has been hit hard by EU and US sanctions, FINMA said that the “heightened international sanctions” nevertheless leave it “at risk of facing liquidity problems”.
Earlier this week, Sberbank Switzerland said it would continue functioning as normal even after other parts of the group pulled out of operations in the rest of Europe.
More
More
Sberbank says Swiss operations unaffected by sanctions
This content was published on
Russian bank Sberbank will function as normal in Switzerland despite the group pulling out of the rest of Europe.
According to FINMA, the bank has now “decided not to engage in any new business until further notice and is largely restructuring and reducing its business activities”.
The supervisor has also ordered the bank may not make any payments or transactions that “are not necessary for its operations as a bank”.
FINMA would appoint an investigating agent to monitor the state of financial stability at the bank, the equal treatment of creditors, and the bank’s organisational structure, it said.
More sanctions
On Friday, the Swiss Bankers Association excluded from its ranks the Swiss subsidiaries of both Sberbank and Gazprombank. The association condemned the Russian invasion of Ukraine, and said it stood behind the sanctions decided by the Swiss government.
After following the first set of sanctions taken by the EU against Russia earlier this week, the Swiss government took further actionExternal link on Friday – including targeting some financial institutions – as part of international efforts to cut Russia from the SWIFT financial transactions system.
Sberbank Switzerland has around 250 corporate clients, mostly related to the raw materials and commodity trading sector. It employs some 100 staff and in 2020 it generated a profit of CHF58 million ($63 million).
More
More
Switzerland triggers wide range of sanctions against Russia
This content was published on
Switzerland hits Russia with sanctions, including a ban on many industrial exports and a wide range of financial activities.
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
This content was published on
On Saturday the Lake Geneva, Valais and Basel regions are expected to record the first tropical day of the year, with temperatures exceeding 30°C.
This content was published on
The Swiss economy saw the clouds that had gathered over its prospects lift somewhat in May. However, the KOF economic barometer is still below its long-term average.
Direct operations too dangerous in Swiss landslide valley
This content was published on
By Friday morning 365 people had been forced to leave their homes because of Wednesday's landslide in the Swiss village of Blatten.
Franco-Swiss raclette war set to be settled on Sunday
This content was published on
The battle for the world's largest raclette will be transformed on Sunday in Saint-Gingolph, canton Valais, into a raclette of friendship served at the border.
Flood risk threatens Swiss valley after ‘millennium event’ glacier collapse
This content was published on
Two days after a gigantic avalanche of ice, mud and debris buried much of the village of Blatten in canton Valais, the danger is not over.
Situation in Swiss landslide valley remains unstable
This content was published on
Authorities in Valais said on Thursday that it was still too dangerous to begin clear-up activities around the village of Blatten.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.