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How much money in dollars was taken by Sberbank clients before possible sanctions

In the bank, this was called a “managed balance evolution”.

Sberbank’s clients took $ 1.2 billion from foreign currency accounts because of the possible introduction of US sanctions against the state bank. Since early 2018, the bank has lost about 10% of its funds in foreign currency. This was reported by Bloomberg with reference to the data of the Central Bank and the analytical company Frank RG.

$ 1,200,000,000
Clients withdrew from the Savings Bank before possible sanctions

According to journalists, now the volume of foreign currency deposits in the Savings Bank is less than in the fall of 2015. The agency believes that the bank’s customers began to massively withdraw funds in foreign currency on the eve of possible US sanctions against Russian state-owned banks.

Dynamics of the volume of deposits of “Sberbank” foreign currency. Picture of Bloomberg

In Sberbank, Bloomberg said that the outflow of depositors is the result of a “managed balance evolution”. However, in fact, if customers continue to withdraw dollar deposits, this can cause serious damage to the bank, as a third of all its deposits account for dollars.

The US published a bill on new sanctions on August 14 because of the case of the Violins. It provides for restrictions on Russian banks with state participation, including Sberbank, VTB, Gazprombank, Bank of Moscow (part of VTB Group), Rosselkhozbank, Promsvyazbank and Vnesheconombank.

If the bill is adopted, organizations may be prohibited from conducting transactions in dollars through correspondent accounts with American banks and borrowing money from them.

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