“Russia’s economy is experiencing serious blows,” Kremlin spokesman Dmitry Peskov said in call with foreign journalists. “But there is a certain margin of safety, there is potential, there are some plans, work is underway.”
Peskov was responding to a question about US President Joe Biden’s remark in his State of the Union speech that the Russian economy had been left “reeling” from Western sanctions.Sberbank (SBRCY), Russia’s biggest lender, said Wednesday it was quitting Europe, with the exception of Switzerland, after banking regulators in Austria forced the closure of its Vienna-based EU subsidiary. The European Central Bank had warned earlier this week that Sberbank Europe was likely to fail after depositors rushed to withdraw their money following the imposition of Western sanctions on the lender and much of Russia’s financial system.
Sberbank said its subsidiaries had faced “an exceptional outflow of funds and a number of…
