Sberbank refused to work in the Crimea

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Sberbank (Russia’s largest bank – RRT) will not work in the Crimea and Sevastopol. This was announced during the annual meeting of shareholders by the head of the bank German Gref, reported the correspondent of “lenta.ru”.

“It is unacceptable because of sanctions. We won’t be working in those areas,”- said Gref.

An annual meeting of Sberbank shareholders was held on May 29, 2015. There were two issues on the agenda: the extension of Gref’s term, and dividend payments to shareholders.

Shareholders decided to leave German Gref as president of Sberbank till November 2019. In addition, the size of the dividend was set at 45 cents per share (seven times less than last year). During the meeting Gref said that the year 2014 was a very difficult year for the bank.

Sberbank, VTB, Gazprombank, Vneshekonombank, Rosselkhozbank, and the Bank of Moscow are under restrictions from the US and the EU. These credit institutions can not raise funds from the US and European financial markets.

Crimea became part of Russia in March 2014. This decision was supported by about 96 of people who took part in the plebiscite. Thereafter, sanctions were imposed against Russia, which included the banking sector as well.

Sources: http://lenta.ru/news/2015/05/29/sbercrimea/http://www.interfax.ru/business/444505