Russia’s largest lender Sberbank is expanding its services to corporate clients in eastern Ukraine’s occupied Luhansk and Donetsk regions. Deputy Chairman Anatoly Popov announced that starting June 25, the bank will offer business registration, bank account opening, tax services, and cash settlement services in the region.
Clients in Luhansk can access services at Russian government centers, with Sberbank planning to open offices in both Luhansk and Donetsk next week. This move follows VTB Bank’s announcement to open offices in the same regions, aligning with President Putin’s call for Russian banks to expand into occupied Ukrainian territories.
In 2023, Sberbank reported a record net profit amid financial sector challenges caused by Western sanctions. The bank, initially sanctioned over the invasion of Ukraine, has since withdrawn from the European market and launched operations in Crimea.
With over 100 million customers, Sberbank continues to adapt and grow in the face of geopolitical tensions, showcasing resilience and determination in expanding its reach.