Russia’s Sberbank faces
Closure after Savers
Demand Money
The European arm of Sberbank, Russia’s biggest lender, faces failure, the European Central Bank (ECB) warned, after a run on its deposits sparked by the backlash from Russia’s invasion of Ukraine.
Western allies have taken unprecedented steps to isolate Russia’s economy and financial system, including sanctioning its central bank and excluding some of its lenders from the SWIFT messaging system, used for trillions’ of dollars of transactions.
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