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 foreign minister backs Berset at Council of Europe
This content was published on
Cassis described Berset as the "ideal candidate" to help the Council realise its aim of ensuring security and peace in Europe.
Gay conversion therapy banned in Swiss canton of Valais
This content was published on
On Thursday, the canton approved a new Health Act which includes a ban on therapies aimed at changing sexual orientation or gender identity.
This content was published on
Some aspects of pro-Palestine sit-ins have gone too far, but the right to protest and debate must be upheld, the student association has said.
Swiss LGTBIQ helpline: attacks more than doubled in 2023
This content was published on
Three organisations jointly operating a helpline have called for more awareness, action and funding to address discrimination.
This content was published on
Switzerland's economy grew slightly at the start of 2024, with growth in the service sector contrasting with weak growth in industry.
Swiss employment rate rises in first quarter of 2024
This content was published on
The number of women and foreign nationals in employment increased particularly strongly, the Federal Statistical Office said on Thursday.
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.