Russian Sberbank shares fell by 73% at the opening of trading
Monday, 28 February 2022, 11:20
Details: According to data from Investing.com at the opening of trading on February the 28th the shares of the Russian government-controlled Sberbank fell by 73.04%.
The collapse in the share price occurred against the background of the introduction of a new package of economic sanctions against the aggressor country, which include the disconnection of a number of banks from the international system SWIFT.
Due to the sharp drop in share prices, it has been decided not to trade them. In addition to Sberbank shares, shares of Lukoil and Gazprom are no longer traded on the Moscow Exchange, according to Russian media sources. The capitalization of these companies plummeted by more than 50 percent at the opening of trading.
On February 28, the European Central Bank warned of the possible bankruptcy of Sberbank's Russian subsidiaries.
"European Central Bank estimates that Sberbank Europe AG and its subsidiaries in Croatia and Slovenia are going bankrupt or are likely to go bankrupt," it said.
