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Austrian regulators have said that the European subsidiary of Sberbank will be wound down by the end of 2022, Reuters reported. 

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In March 2022, the European Central Bank had ordered the Austria-based Sberbank Europe AG to halt business. 

The ECB had warned that the bank could fail due to a run on its deposits in the wake of the Russia-Ukraine war. 

Notably, ECB’s Single Resolution Board (SRB) had decided to go ahead with insolvency proceedings for Sberbank Europe AG.

However, Sberbank Europe AG has fully repaid the deposit guarantee sum of €926m paid out to its customers by the Austrian deposit insurance fund.

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“Thanks to the tireless efforts of our team, an insolvency of Sberbank Europe AG had been avoided,” commented former Sberbank Europe AG CEO Sonja Sarközi, who is now liquidator of the company. 

“In addition to the covered deposits of up to €100,000 per customer, all remaining savings deposits will now be paid out in full to our customers by our bank. Therefore, neither ESA nor other banks have to pay for the deposits of Sberbank Europe customers,” Sarközi added.

Furthermore, the Russian bank said it has repaid its total liabilities of €428m to the ECB and the Austrian National Bank (OeNB).

The news comes as the European Union prepares to impose sanctions on Sberbank, which serves over 100 million customers in Russia. 

The bloc plans to remove Sberbank and two other key Russian banks from the SWIFT international payments messaging system.