A two-day moratorium has been imposed on Sberbank, during which Croatian depositors will be allowed to draw up to 7,280 kuna (€970) a day from their accounts with the Russian bank, the Croatian Central Bank (HNB) announced on Monday.

Regardless of further steps regarding the bank, deposits of Sberbank’s clients are protected up to €100,000 in accordance with the Deposit Insurance Act, and more than 90 per cent of depositors are insured in that regard, the central bank said.

Following the Russian military invasion of Ukraine on 24 February, the European Union and the United States have adopted a package of sanctions that have also affected Sberbank’s operations and liquidity. As a result, the European Central Bank said today that Sberbank, which is under its direct supervision, “is failing or is likely to fail” and has imposed a moratorium on its operations, after which the HNB also took action.  The moratorium will be in force until midnight on Tuesday.

Before the expiry of the moratorium, the European Banking Union’s Single Resolution Board will decide on further steps taking into account financial stability and public interest. Sberbank’s clients in Croatia are insured regardless of the Single Resolution Board’s decision, the HNB said.