OREANDA-NEWS The United States has removed the former Swiss subsidiary of Sberbank from the sanctions list, according to a statement issued on Monday by the US Treasury Department.

In September 2022, it was announced that Sberbank had sold its Swiss subsidiary, Sberbank Schweiz AG, to the investment group m3 Gruppe Holding SA. The new owner of the company, as noted by Western media, is not subject to US or other Western sanctions.

Since Russia's invasion of Ukraine, Sberbank has been subject to several rounds of sanctions by the United States, the United Kingdom, and the European Union. Switzerland subsequently joined the EU in imposing sanctions on Sberbank.