Frankfurt: The European subsidiary of Russia’s state-owned Sberbank is likely to fail, the European Central Bank said Monday, in the wake of sanctions aimed at punishing Moscow for its recent invasion of Ukraine.
“The European Central Bank (ECB) has assessed that Sberbank Europe AG and its two subsidiaries in the banking union, Sberbank d.d. in Croatia and Sberbank Banka d.d. in Slovenia, are failing or likely to fail to owe to a deterioration of their liquidity situation,” the ECB said in a statement.
