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United States removes former Swiss subsidiary of Sberbank from sanctions list

On September 2, 2022, Sberbank announced the completion of the transaction for the sale of Sberbank (Switzerland) AG to the Swiss investment group m3 Groupe Holding SA, which became the new majority shareholder

WASHINGTON, May 6. /TASS/. The US Treasury Department has lifted Russia-related restrictions from the former Swiss subsidiary of Sberbank, which the group sold in 2022, according to a statement by the Office of Foreign Assets Control (OFAC).

"The following deletions have been made to OFAC's Sectoral Sanctions Identifications List: Sberbank (Switzerland) AG," the statement says.

On September 2, 2022, Sberbank announced the completion of the transaction for the sale of Sberbank (Switzerland) AG to the Swiss investment group m3 Groupe Holding SA, which became the new majority shareholder. The former subsidiary of Sberbank operates under the new name TradeXBank AG and continues to provide services in the trade finance sector.

Sberbank (Switzerland) AG came under sectoral sanctions by the United States administration at the end of December 2015 in connection with the conflict in Ukraine.

In 2022, the first deputy chairman of the board of Sberbank, Alexander Vedyakhin, said that transactions for the sale of the group’s subsidiary banks in Switzerland and Kazakhstan were concluded on acceptable financial terms and could be called successful.