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Russia’s Sberbank to leave some European countries due to sanctions

September 22, 2017, 14:19 UTC+3

According to German Gref, it is extremely challenging to work under sanctions in Europe

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© AP Photo/Pavel Golovkin

MOSCOW, September 22. /TASS/. Sberbank plans to leave the market of certain European countries due to sanctions imposed on it, Chief Executive Officer of the Russian bank Herman Gref said on the air with Rossiya 24 TV Channel on Friday.

"We are currently optimizing our operations in Europe, will leave certain countries and optimize our European headquarters. It is extremely challenging to work under sanctions in Europe," Gref said.

"Though we are a small bank in Europe, we were categorized as a systemically import banks, under direct control and supervision of the European Central Bank," the banker said.

It is challenging "for a small bank" to bear all costs related to supervision by the European Central Bank in current environment, Gref noted.

Sberbank is currently represented in nine countries of Central and Eastern Europe and in Turkey.

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