(Bloomberg) — Europe froze Sberbank of Russia PJSC’s main businesses in the bloc after regulators determined they were likely to fail in the wake of sanctions imposed over Russia’s invasion of Ukraine.
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The Single Resolution Board, which handles European lenders that run into trouble, suspended payments, enforcement and termination rights to three Sberbank divisions until the end of March 1. That came after the European Central Bank determined that Austria-based Sberbank Europe AG and its subsidiaries in Croatia and Slovenia probably won’t be able to pay their debts or other liabilities as they fall due.
Sberbank Europe and its subsidiaries “experienced significant deposit outflows as a result of the reputational impact of geopolitical tensions,” the ECB said in a statement. “This led to a deterioration of its liquidity position. And there are no…
