Finance watchdog orders ‘protective measures’ at Sberbank Switzerland
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.
Swiss football boss wants crackdown on individual hooligans
This content was published on
The head of the Swiss Football League says he prefers a harsher approach to individual hooligans rather than collective punishment measures affecting all fans.
Amherd: Council of Europe is ‘as urgently needed as ever’
This content was published on
The Swiss government emphasised on Sunday the vital role of the Strasbourg-based Council of Europe, 75 years after it was founded.
Swiss minister: Italy will back Switzerland in EU talks
This content was published on
Bern can count on the backing of Italy as it re-enters talks with the European Union on future relations, Viola Amherd says.
Student protestors at University of Lausanne continue pro-Palestine sit-in
This content was published on
Since Thursday, a hall on campus has been occupied by students calling for a boycott of Israeli academic institutions and a ceasefire in Gaza.
This content was published on
Swiss public broadcasters RTS and SRF are drastically reducing their communications via the social network X (formerly Twitter).
Israel: president of Swiss universities rejects academic boycott
This content was published on
Luciana Vaccaro, president of Swissuniversities, the umbrella group of Swiss universities, is not in favour of an academic boycott of Israeli universities.
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.