Russia’s Sberbank to sell off sanctions-hit Swiss subsidiary
GENEVA (AP) — The Swiss financial markets watchdog says Sberbank, one of Russia’s largest banks, is selling its Swiss subsidiary that had come under pressure because of international sanctions on Russian interests over the invasion of Ukraine. Terms were not disclosed in the sale to Geneva’s Groupe M3. Sberbank (Switzerland) AG, which focuses on trade finance in commodities, was already facing liquidity problems after a first round of Western sanctions hit Russian interests earlier this year. Then, last month, Switzerland’s executive branch froze the bank’s assets and banned it from providing any funds, resources or technical services following a new round of tightening sanctions..