Sanctions forcing Russia's Sberbank to close UAE office, company says

  • 📰 Reuters
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Sanctions pressure to force Russia's Sberbank to close UAE office, company says

A view shows the logo of Sber at the St. Petersburg International Economic Forum in Saint Petersburg, Russia June 15, 2022. REUTERS/Anton VaganovThis content was produced in Russia where the law restricts coverage of Russian military operations in Ukrainewill be forced to close its office in the United Arab Emirates early next year, First Deputy Chairman Alexander Vedyakhin said on Monday, blaming sanctions pressure.

"Unfortunately, in the context of sanctions restrictions, we are facing serious constraints on our SberInvest Middle East office in Abu Dhabi and we, unfortunately, are forced to close it in the first quarter of 2023," Vedyakhin told reporters. "I hope that by the end of 2023 we will be able to open a branch in China, usually this takes 1-1/2 to 2 years," Vedyakhin said.

The Bank of Russia ordered financial institutions to limit their disclosures earlier this year. Sberbank resumed some reporting this quarter, posting a 84.8% year-on-year slump in net profit from January-November, outperforming the wider sector that was still loss-making as of Nov. 1.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

🗞 Our evaluation indicates that the fairness score of this tweet is 📈0.63 (Our method is still at the experimental stage!).

POTUS RishiSunak EmmanuelMacron Bundeskanzler JustinTrudeau vonderleyen CharlesMichel G7 P_Fiala Please tighten all sanctions on Russia, Belarus, Iran and North Korea until the invaders leave Ukraine! MAKE IT HAPPEN SlavaUkraini StopPutinNOW CrimeaIsUkraine AP

One down kaput. More to go

I'm а nudе mоdеl, rаtе mу рhоtоs

Sanctions work. And they should be improved to work even better.

Muhammad Qasim’s dreams indicated the reasons for PMIK failures and his struggles before they happened. They also had indications and guidance on how PMIK could save his Government from disaster. PMIK In Qasim Dreams

The world should isolate 🇺🇸 and USD, than no more sanctions

7 reasons why sanctions won’t hurt Russia

俄罗斯是中国人民的朋友

StandWithUkraine

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States United States Latest News, United States United States Headlines