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Sberbank feels effect of sanctions — CEO

September 19, 2014, 11:49 UTC+3

Sberbank came under the impact of EU sectoral sanctions in late July 2014 and under US sanctions in September

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Sberbank CEO German Gref

Sberbank CEO German Gref

© ITAR-TASS/Pavel Smertin

SOCHI, September 19. /ITAR-TASS/. Russian savings bank Sberbank feels the impact of sanctions and ponders possible transition to domestic market of borrowings, Sberbank CEO German Gref said in an interview with TV news channel Rossiya 24.

“Sanctions certainly affect conditions for business. As for financial sector and banking sector, we feel it to the full extent. In fact, all foreign markets are closed today and sweeping work is being done to shift to domestic sources of funding,” Gref said.

The Sberbank CEO also said with regret that the situation on Asian markets for Russian emitters has not yet changed for the better. “Unfortunately, I cannot say that something had changed. I have recently toured eastern regions. All this has a major inertia. We hope that the situation will change in the future, but it is still difficult to find new sources of financing,” Gref noted.

Gref said earlier in an interview with Singaporean daily The Straits Times that Sberbank eyed possible share placing at the Singaporean stock exchange. “We are looking for possibilities at the Singaporean stock exchange, using SPV (special project vehicle), as we had done earlier on European markets,” Gref said then.

The Russian largest bank ponders possible promissory note placing on Asian markets, the Sberbank CEO said. “We mull possible debt instrument placing on Asian markets and capital attraction,” Gref said. “Singapore is the most friendly jurisdiction from any point of view,” the bank CEO noted.

Sberbank came under the impact of EU sectoral sanctions in late July 2014 and under US sanctions in September. Restrictive measures taken by Western countries ban the bank from attracting medium-and long-term funding. So, capital markets are actually closed for the bank.

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