Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict
Leading Russian lenders Sberbank and VTB Bank have said they are prepared for any situation after Russian forces launched a military offensive against Ukraine.
Go deeper with GlobalData
“Sberbank is closely studying new working conditions amid the sanctions related to correspondent accounts. The adopted restrictions do not affect the safety and availability of client funds. Sberbank has all necessary resources, experience and expertise for successful operation in the current environment,” Sberbank’s statement read.
Meanwhile, VTB Bank said its services such as branches and ATMs were functioning normally.
Responding to the situation VTB Bank stated: “Sanctions are a reality for us over the last few years and another round of politically motivated anti-Russian sanctions did not come as a surprise.”
Notably, the US and UK have already imposed sanctions on VTB Bank.
Other banks that have been targeted include Sovcombank, Novicombank, Otkritie, Promsvyazbank and Rossiya.
Russian online bank Tinkoff, which has been listed as a systematically important bank by the government, said it “has sufficient liquidity” and its systems were operating smoothly, Reuters has reported.
“We are seeing increased demand for cash withdrawals and are replenishing ATMs on a reinforced schedule,” it added.
After a string of new and tougher sanctions were imposed by the US and UK, the Russian central bank has announced that it is will support banks that may be affected by the sanctions.
“The Bank of Russia and the government of the Russian Federation will provide any support required by the banks that came under sanctions from Western countries,” it said.
