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Russian deputy PM hints at struggles facing top lender Sberbank -Breaking

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© Reuters. FILEPHOTO: This logo was displayed in an Sberbank branch in Saint Petersburg, Russia on April 19, 2022. REUTERS/REUTERSPHOTOGRAPHER

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(Reuters). Russia’s leading lender Sberbank still attempts to help property developers despite “difficulties” and losses, Deputy Prime Minster Marat Khusnullin reported Tuesday on the RIA news agency.

Khusnullin was the first to see the impact that the unprecedented sanctions against Moscow were having on Russia’s dominant lender. The bank has also stopped publishing financial reports.

Khusnullin stated that banks were not financing property developers as they should and that the matter was discussed in depth at an Sberbank meeting where he met with German Gref, CEO of Sberbank.

According to RIA’s quote, he said that, “they are now trying, despite their difficulties and losses, to provide funding.” This means that we may look into additional capitalizations or support if necessary. However, the main theme of this article is that banks must provide financing.

Sberbank refused to comment.

Record profits of 1.25 Trillion Rupees (or $17.30 Billion) were posted by the bank in 2021. The bank said that it had enough buffers to withstand external pressures.

Sberbank received blocking sanctions from the United States in early March. Russia is under pressure over its “special military operations” in Ukraine.

($1 = 72.2500 roubles)

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