The Austrian Financial Market Authority (FMA), on behalf of the competent European resolution authority for banks, the Single Resolution Board (SRB), headquartered in Brussels, has today imposed a temporary moratorium upon “Sberbank Europe AG” until 23:59 on 01 March 2022 with immediate effect by means of an administrative decision.

The following restrictions apply for the duration of the moratorium:

• All of Sberbank Europe AG’s payment and delivery obligations towards its creditors are suspended.
• Creditors are unable to assert security interests against Sberbank Europe AG.
• Termination rights held by contractual partners of Sberbank Europe AG are temporarily suspended.
• The assertion of security interests of secured creditors of Sberbank Europe AG is prohibited.
• The termination rights of a party to a contract with Sberbank Europe AG are suspended.

For the duration of the moratorium, Sberbank Europe AG will not be allowed to conduct any outgoing payments, credit transfers or other transactions. Depositors of eligible deposits shall have access to an amount of maximum € 100 per day to cover their most necessary daily requirements until the end of the moratorium. Deposits of up to €100,000 shall continue to be backed by the Austrian deposit guarantee system.

This measure was necessary as the European Central Bank (ECB), under whose direct supervision the bank stands, has notified the SRB that Sberbank Europe AG is in serious financial difficulties, and there is the probable threat of the failure or likely failure of the bank (“FOLTF”).

Based on the ECB’s analysis, the SRB has determined following an in-depth review that Sberbank Europe AG is actually highly likely to fail, and has therefore imposed this temporary moratorium in order to allow it to assess the further necessary steps to be taken. The objective of this measure is to ensure and reinforce financial market stability within the Banking Union.