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Effect of sanctions on Russia’s Sberbank negative, yet minor — CEO

August 28, 2014, 18:50 UTC+3
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MOSCOW, August 28. /ITAR-TASS/. The Western sanctions have exerted certain negative influence on the operating activity of Russia’s largest bank Sberbank, but it has been insignificant so far, CEO German Gref said during a conference call on Thursday.

“We regret to learn that Switzerland joined the sanctions (against the bank). These measures have had certain negative influence on Sberbank's operations. But this impact has been quite insignificant so far, the effect was rather moral,” Gref said.

On Thursday, Switzerland prohibited five Russian banks, including Sberbank, from borrowing long-term money in the country without permission, thus joining similar punishment introduced by the EU in July. The other four banks are VTB, Gazprombank, Russian Agricultural Bank, and Vnesheconombank.

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