ZAGREB (Croatia), February 28 (SeeNews) - The Croatian central bank said on Monday it has put a two-day moratorium on the local unit of Russian lender Sberbank following European Central Bank's announcement that Austrian Sberbank, and its subsidiaries in Croatia and Slovenia, fail or are going to fail due to worsened liquidity as a result of the reputational impact of Russia's invasion of Ukraine.
During the moratorium, individuals and companies which have deposits in Sberbank will be able to use daily up to 7,280 kuna ($1,075/961 euro) of their deposits, the Croatian central bank said in a statement.
The moratorium is in force on Monday and Tuesday, and until then the Single Resolution Board, the central resolution authority within the banking union, will take a decision of its next steps to keep the financial stability and public interest.
The European Central Bank (ECB) has assessed that Sberbank Europe AG and its two subsidiaries in the banking union, Sberbank in Croatia and Sberbank Banka in Slovenia, are failing or likely to fail owing to a deterioration of their liquidity situation, ECB said in a statement earlier on Monday.
Sberbank Europe, headquartered in Austria, is a fully owned subsidiary of Sberbank of Russia, which is majority owned by the Russian Federation.
(1 euro=7.569 Croatian kuna)
Sberbank d.d. (formerly known as Volksbank d.d.) is among the biggest banks in SEE
