For the first time, US sanctions were imposed on Russia in March 2014. They continue to this day, acquiring incomprehensible versions and forms. What is Sberbank's reaction to what is happening?
US sanctions: a history excursion
US sanctions were first introduced against Russia in March 2014. In total, the US adopted about 20 restrictive acts (including acts of the President and OFAC) on sanctions against Russia, the possibility of which is legalized by law. These laws include: the National Emergencies Act of 1976, the International Economic Emergencies Act of 1977, which enshrine the right of the President of the United States to declare the likelihood of an emergency threat to the national security, foreign policy, or economy of the United States. States whose source is wholly or largely outside the United States.
The first sanctions were directly imposed by Presidential Executive Order No. 13660 of March 6, 2014 and Executive Order No. 13661 of March 16, 2014, which also banned the entry into the United States of persons “responsible for or participating directly or indirectly in actions, undermining the democratic system in Ukraine, actions that threaten peace, security, stability, sovereignty and territorial integrity of Ukraine."
The sanctions against Russia have changed several times. The last changes were made in 2018.
The sanctions imposed against our country are divided into 3 groups, these are sectoral (by economic sectors) and personal (imposed on a certain circle of persons or organizations):
- sanctions against specific individuals and legal entities;
- sanctions against companies operating in certain economic sectors;
- restrictions on investment, import and export of goods, works and services in Crimea.
For information, Sberbank itself on its official website indicates that it (Sberbank) is by far the largest bank in Russia, as well as one of the leading international financial institutions, rightfully considered the most expensive Russian brand in the top 25 brands in the world.
What is the risk of Sberbank in the application of US sanctions?
The latest sanctions of this year are capable of damaging the economy of our country. What is the damage possibly caused to the most developed system of banking institutions in Russia? According to Sberbank itself, represented by its deputy chairman of the board A. Morozov, - less than 2.5% of assets. This percentage is an indicator of the total risk of the bank in terms of the share of those companies that were included in the list of state sanctions from 2018-06-04.
The sanctions announced by the United States of America on April 6 this year affected 24 Russian citizens and 15 companies associated, according to the states, with them. Their list includes: Andrey Kostin (representative of VTB), Alexey Miller (representative of Gazprom), Andrey Akimov (Gazprombank), Vladimir Bogdanov (CEO of Surgutneftegaz), V. Vekselberg (owner of GC Renova), O. Deripaska (owner of Basic Element, president of Rusal and En + Group), as well as Senator Suleiman Kerimov (member of the Federation Council of the Federal Assembly of the Russian Federation from the Republic of Dagestan, controlling the financial and industrial group Nafta Moscow).
Representatives of Sberbank point out that the bank "is closely following the development of the situation and is taking all appropriate actions to minimize possible negative consequences."
Sberbank shares on the Moscow Stock Exchange fell by 20%, and as a result of trading, ordinary shares lost 17%, preferred shares - 13.4%.
As of 01.04.2018, Sberbank had over 23 trillion. rub. assets. That is, we are talking about the fact that the amount of risk for companies from the new SDN list may be about 590 billion rubles.
