The effects of the sanctions which the European Union has so far adopted against Russia over its aggression on Ukraine has no direct impact on the assets of Sberbank d.d. Hrvatska, the Croatian National Bank (HNB) stated on Friday. Pročitaj više

The HNB elaborates that the sanctions ban loan activities and trading in securities by the five major state-owned Russian banks, which includes Sberbank in Russia.

The sanctions cover only the mother banks and not the subsidiaries of those banks in the European Union, according to the explanation provided by the HNB.

The explanation highlights that Sberbank Hrvatska is headquartered in Croatia, and does business within the Sberbank Group in the European Union, which is why it is under the surveillance of the European Central Bank, which is monitoring the situation.

The HNB recalls that in line with the relevant legislation in Croatia, deposit guarantee schemes protect depositors’ savings by guaranteeing deposits of up to €100,000 and up to €130,000 under special circumstances.

Clients have been standing in queues in front of Sberbank offices in Zagreb and other cities in Croatia to ask about the destiny of their deposits.

Croatia’s central bank says it is following the developments and the situation in Ukraine and Russia to respond to possible effects on the banking system in Croatia.