Russia’s Sberbank Says Sanctions Limiting Some Forex Transfers in Russia and Abroad

Russia’s Sberbank Says Sanctions Limiting Some Forex Transfers in Russia and Abroad
The logo of the Russian Sberbank Europe AG bank is seen on their headquarters in Vienna on Feb. 28, 2022. Leonhard Foeger/Reuters
Reuters
Updated:

Russia’s largest lender Sberbank on Friday said sanctions on its operations meant its customers would be unable to transfer funds in certain foreign currencies to accounts at other banks, both in Russia and abroad.

Unprecedented Western sanctions have hit the heart of Russia’s financial system over events in Ukraine and Sberbank was among the companies targeted. The bank quit almost all its European markets earlier this month.