Sanctions in action? Sberbank shares on the stock exchange are rapidly falling

After the EU adopted the sixth package of sanctions, which, in addition to everything, says about disconnecting the largest Russian bank, Sberbank, from SWIFT, its shares on the stock exchange began to fall.

So, according to Investing, as of May 31, 11:43 am Kyiv time, the value of a Sberbank share was RUB 118.89 ($1.9). At the same time, the opening was at the level of 120.67 rubles, and the lowest figure fell to 117.62 rubles.

The dynamics of the value of the bank’s shares / Photo: Investing.com

Sberbank says sanctions won’t affect it

According to the Russian “Kommersant”, Sberbank said that the disconnection of the bank from the international SWIFT system agreed under the sanctions of the European Union (EU) will not affect international settlements.

“The main restrictions are already in place. Disconnections from SWIFT do not change the current situation in international settlements. Domestic transactions do not depend on SWIFT and will be carried out by the bank in the standard mode,” – said the press service of the credit institution.

Sixth package of sanctions

EU countries approved the sixth package of sanctions against Russia. He assumes a ban on two-thirds of Russian oil, as well as disconnection of Sberbank from SWIFT. In early March 2022, the EU has already taken similar measures on seven Russian banks, including VTB and Otkritie.

According to European Commission President Ursula von der Leyen, Sberbank is the largest Russian bank with a 37% share.

“Therefore, it is good that we are now dewiftizing Sberbank,” von der Leyen said.

Earlier, we told how in March Sberbank shares cost less than a sheet of A4 paper.

We also wrote about how Russia will be affected by the sixth package of sanctions.