The Financial Supervisory Authority extends measures at the Swiss subsidiary of the sanctioned Russian Sberbank. Again.
Last March, the Swiss Financial Market Supervisory Authority (Finma) announced for the first time it enacted measures at Sberbank (Switzerland) to protect creditors. The deferral of deposit liabilities and a broad ban on disbursements and transactions were again extended as of June 1.
Parent Abandoned by Swift
Because of sanctions imposed against its Russian parent Sberbank in the wake of the Ukraine war, the Swiss branch of the institution, which specializes in commodity trade financing, was only able to conclude existing transactions. Making payments to its customers was virtually impossible, the Swiss unit said. In June, the European Union decided to exclude the parent company Sberbank from the Swift payment information network.
After the measures were partially lifted for a short time for the bank to settle claims of non-sanctioned creditors, the measures are now being extended until September 1, owing to heightened international sanctions. The investigating agent appointed by FINMA will continue to perform their duties, according to the statement.
