Sberbank begins operating in Crimea, to open offices in peninsula's largest cities in first half of year

MOSCOW. Jan 18 (Interfax) - Sberbank has begun operating in Crimea, having already installed the first ATMs on the peninsula, the press service of the credit organization told reporters.

"Sberbank has formed a team and has started operating on the Crimean peninsula. The bank's first ATMs have already been installed, and a network of self-service devices will start operating throughout the peninsula within the year," the bank said.

"The bank's offices will gradually open during 2023, and the first ones will begin operations in the largest cities in the first half of the year. All of Sberbank's necessary products and services will be launched throughout the year," the press service noted.

A limited number of banks currently operates in Crimea, all of which have been under external restrictions for a number of years. The largest Russian banks have repeatedly stated that they are not ready to open branches on the peninsula owing to the imminent threat of tough sanctions from the United States and the European Union.

The U.S. imposed blocking sanctions against Sberbank at the beginning of April 2022, with several other countries subsequently imposing similar restrictions against the Russian credit institution.