(AWP/Reuters) The financial market supervisory authority Finma has partially lifted protective measures previously ordered at the Russian Sberbank (Switzerland) AG. The more stable financial situation of the bank and the current legal situation with regard to sanctions made this step possible.
This will enable Sberbank to meet its creditors’ claims due from July 1 to 5 and make corresponding payments, Finma announced on Friday. Repayments, in particular to persons sanctioned or to the parent company Sberbank of Russia, were excluded.
With the payments, the bank can reduce its balance sheet with a view to a possible sale or change of ownership. The investigator employed by Finma at the bank monitors the payment process.
It was only at the beginning of June that Finma extended the protective measures at Sberbank until the beginning of August. Sberbank (Switzerland) is an indirect subsidiary of Sberbank of Russia. It is not directly related to Sberbank Europe AG, which is subject to sanctions related to the Ukraine war.
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