Sberbank will not continue to work in Crimea

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Russian companies that do not open branches in Crimea, not subject to the draft law criminalizing the enforcement of foreign sanctions in Russia, said first Deputy Chairman of the parliamentary faction “United Russia” Andrei Isayev. Accordingly, the operating activities or the management of the Russian “blue chips” are in no danger. First of all, it concerns the leading mobile operators and “Sberbank”. And the main claims are made it to the leading Bank of the country.
It is clear that such a fundamental decision as to work or not to work “Sberbank” in the Crimea, takes the main shareholder of the largest Bank in the country – the Central Bank of the Russian Federation. And the decision not to work, from our point of view, absolutely correct. The main Bank of Russia cannot risk money of clients and shareholders. The freezing of foreign assets in correspondent accounts with “Sberbank” could hit the Bank’s customers and cause a liquidity crisis, which, apparently, will have to settle with using its reserves to the Bank of Russia.
It is well known that the growth of capitalization of Sberbank has provided Western funds, their share in the free float is large enough. Sanctions can cause the sale of shares of Sberbank, a collapse of quotations of its shares. In addition to the usual portfolio investors should not forget that in 2007, Sberbank held people’s IPO, in which shareholders good money. The offering price in early 2007 was 89 rubles., now – 233 RUB.
Naturally, the safety of savings of the majority of citizens and the interests of many small shareholders is very important to preserve the reputation and functionality of the largest Bank in Russia. Sooner or later the “savings Bank” will come to the Crimea, but it will be not earlier than the abolition of Western sanctions.
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Alexander Razuvayev,
The Director of analytical Department,
Alpari