The action temporarily released the bank from obligations to depositors and creditors as it reduced its activities and refrained from taking on any new business. The bank was forbidden from conducting payments and transactions.
Finma also appointed an investigating agent to oversee restructuring at the bank and later extended protective measures until August 1.
On Friday, Finma said it would partially lift the measures so that the bank can settle bills with selective creditors for the next few days. The Swiss branch is not allowed to make payments to its parent company in Russia.
“This step is possible because the bank has successfully stabilised its financial situation under Finma supervision and the international sanctions currently in force permit such payments,” Finma stated.
The move will allow Sberbank Switzerland to clear some of its debts “also with a view to a possible sale or change of ownership”, the regulator added.
Sberbank Switzerland is part of the Russian Sberbank group but is a separate entity from Sberbank Europe, which has been hit with EU sanctions.
The Swiss entity will remain under “intensive” supervision by the financial regulator.
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Finance watchdog orders ‘protective measures’ at Sberbank Switzerland
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The Swiss financial regulator has ordered protective measures in anticipation of a risk of “liquidity problems” at the Zurich-based bank.
Swiss adopt Russian oil ban and other sanctions over Ukraine war
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