The United States lifted sanctions on the former Swiss subsidiary of Sberbank. The Russian credit institution sold Sberbank (Switzerland) AG in September 2022. The amount of the deal after its closing was not disclosed.
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The US Office of Foreign Assets Control has removed Sberbank (Switzerland) AG from the list of companies subject to sanctions. This is stated in a statement from the department.
Sberbank (Switzerland) AG is a former subsidiary of the Russian Sberbank. The credit institution closed the deal to sell its Swiss subsidiary in September 2022 after Sberbank’s assets in Switzerland were frozen in August of the same year.
As a result of the transaction, the investment group m3 Groupe Holding SA received a majority stake in Sberbank (Switzerland) AG, and the founder of the investment company Monte Valle Partners, Stephen Lynch, became the owner of a minority stake. The amount of the transaction was not disclosed.
After the start of the special operation in Ukraine, Sberbank was included in the sanctions lists of the European Union, the United States and Great Britain.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
