Skip to Content

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..

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press


KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content