Russia’s Sberbank said that the European Union’s (EU) decision to include the bank on its economic sanctions list “undermines the foundations of the global financial system and does not contribute to the easing of the European crisis caused by the situation in Ukraine.”
The EU included Russia’s biggest lender along with other state-run banks such as Sberbank, VTB Bank, Gazprombank, Vnesheconombank and Rosselkhozbank, as part of a new round of sanctions imposed in response to Russia’s involvement in eastern Ukraine.
European investors will be barred from buying equity or bonds with a maturity longer than 90 days issued by these banks after 1 August
A statement issued by Sberbank said that the bank has no relation to the geopolitical processes and it regretted that the sanctions have been imposed. It added that more than a third of the bank’s shares are owned by investors from Europe and the US and that it strictly adheres to the laws of the countries of its presence and meets all the standards of the European and US regulators.
However, the statement also included a note of defiance. “Sberbank of Russia has all the necessary resources, management experience and expertise to continue to operate successfully in the current environment and to fulfill its obligations to its Russian and international customers and partners in compliance with the norms of Russian and international law,” it added.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
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