Sberbank could begin operating in Sevastopol in first half of 2023 - governor

ROSTOV-ON-DON. Jan 18 (Interfax) - Sberbank could open an office in Sevastopol in the first half of 2023, the city's governor Mikhail Razvozhayev posted on social media.

"I have spoken with Sberbank management, and we are counting on the bank's office to begin operating in Sevastopol in the first half of the year. We are currently selecting the place where the office will be located," Razvozhayev posted.

Razvozhayev specified that Sberbank ATMs should start operating throughout the Crimean peninsula within the year, with the bank simultaneously launching all the necessary products and services.

"I know that the residents of Sevastopol have been waiting for a while for the arrival of Sberbank, and this will allow them to take full advantage of all the bank's possibilities," the governor said.

Sberbank on Wednesday announced the beginning of operations in Crimea, where it has already installed the first ATMs.

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.