Translated material
Sberbank goes to Crimea
The largest State Bank of Russia announced that he enters the Crimea market. Until 2023, the bank, like many other financial institutions and companies, feared Western sanctions and refused to work on the peninsula. Now, when Sberus is under sanctions, the State Bank decided to enter the Crimea market, as reported by RBC with reference to the message of the company's press service.
“Sberbank has formed a team and begins to work on the Crimea peninsula,” the State Bank’s message quoted.
The first offices in Crimea “Sber” promises to open in the first half of the year, and the first ATMs of the State Bank in Crimea have already been installed and started work. Full access to all services and services of the bank for Crimeans will be organized until the end of 2023.
Sberbank comes to Crimea almost 9 years after the annexation of the peninsula by Russia. For a long time, the head of the Sberbian Herman Gref explained the impossibility of working in Crimea with huge risks of sanctions and their consequences for the work of the whole bank. However, after the introduction of sanctions, Gref changed the rhetoric and began to argue that the restrictions on the "significant influence on the bank’s work." Nevertheless, Sberus lost several important foreign assets for itself, primarily in Europe, was disconnected from SWIFT, and also collided with the outflow of capital from individuals.
Sberbank and other financial organizations for a long time were criticized for refusing to work in Crimea due to the risks of sanctions. Many deputies even threatened to initiate proceedings against the State Bank due to discrediting Crimea, but not one of these threats reached court. The decision of the Sberus will probably be pleased with the Russian President Vladimir Putin, who in 2022 said that after the sanctions the State Bank has nothing to fear and you can start work on the peninsula.
Until 2022, there was relative tension with banking services on the peninsula, only “Russia”, CBR, RNKB and Genbank worked from large financials in Crimea.