Watchdog extends protective measures at Sberbank Switzerland

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These measures, intended to mitigate a risk of liquidity problems at Sberbank (Switzerland), will remain in force until September 1 © Keystone / Michael Buholzer

The Swiss financial regulator (FINMA) has extended previously imposed protective measures at the Zurich-based subsidiary of Russian bank Sberbank.

These measures, intended to mitigate a risk of liquidity problems at Sberbank (Switzerland), will remain in force until September 1, 2022, FINMA said in a statement on Tuesday. The investigating agent appointed by FINMA will continue to perform their duties.

Specifically, these are measures to protect creditors. They include a deferral of obligations from deposits as well as a far-reaching ban on disbursements and transactions.

The measures, which were imposed in March, had already been extended on June 1 and partially lifted for a short period in July so the bank could settle claims of non-sanctioned creditors. Repayments to sanctioned persons or to the parent company Sberbank of Russia in particular were excluded.

Sberbank (Switzerland) is an indirect subsidiary of Sberbank of Russia. It is not directly affiliated with the Sberbank Europe Group, which is affected by sanctions due to the war in Ukraine.

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