Moscow: Russia’s biggest lender Sberbank said on Wednesday that he left the European market after being pressure from Western sanctions which was leveled against the state bank in response to Moscow’s invasion to Ukraine.
“In the current environment, Sberbank has decided to withdraw from the European market,” the lender said in a statement brought by Russian news agencies.

European European subsidiaries experience “cash flows out and abnormal threats to employee safety and branches,” added the statement.

Sberbank suffered a financing problem after the announcement of the Tangguh European Union sanctions aimed at suffocating Russian banks to the capital market.

Since Russian troops rolled into Ukraine last week to reach the mission of Vladimir Putin to overthrow the government of President Volodymyr Zelensky, hundreds of civilians including children have been reported.

The European banking regulator said on Tuesday that European subsidiaries from Sberbank Russia will end.

European-based Austrian Sberbank Arm, Sberbank Europe AG will be allowed to enter the “normal bankruptcy process”, while branches in Croatia and Slovenia are sold to local banks, the European Banking Supervisory Supervisory Authority said.

On Monday, the European Central Bank said that European affiliates “failed or the possibility of failure” after that “experienced a significant deposit flow as a result of the impact of the reputation of geopolitical tension”.