Sberbank CEO German Gref has stated that the removal of international sanctions against Russia appears unlikely, and in fact, he believes that the sanctions will only become more stringent. He emphasized that the bank is planning its operations with this in mind and does not expect any easing of the sanctions.
"We believe that the sanctions will remain in force and will become even stricter. If, for any reason, the restrictions are eased, it would be a pleasant surprise for us," Gref said during the bank's annual report conference.
According to Gref, if the sanctions were lifted, the Russian economy would benefit greatly. Foreign investors would be more inclined to invest in the country, transaction costs in banking would decrease, and the stock market would likely revive. However, Sberbank does not consider this scenario realistic and is seeking alternative ways to resist the sanctions.
He added that while the bank's leadership used to carefully monitor each new phase of sanctions, they no longer pay attention to them.
"I no longer count the new sanctions. In the past, we used to worry about the consequences of these restrictions. Now, I am not at all interested in what some ill-minded individuals propose as new bans against Russia," Gref stated.
He also commented on the exit of Western companies from the Russian market, noting that, in some cases, it has created advantages for the bank. For example, the departure of Apple from Russia allowed Sberbank to develop its biometric payment system — the "Smile to Pay" feature.
"We no longer need foreign technologies for payments. Thanks to biometric solutions, we have reduced our dependence on phones and other devices," he added.
On February 24, 2025, the European Union announced its 16th sanctions package against Russia. As part of these measures, 13 Russian banks will be disconnected from the SWIFT international banking system starting March 17. The list of affected banks includes:
"UralSib", "Ak Bars", "Tочка", "Sinara", "Kuban-Kredit"
"PrimSotsBank", "National Reserve Bank", "BBR Bank"
"RNKO 'Payment Constructor'", "St. Petersburg Payment Center"
"KuznetskBiznesBank", "Mir Business Bank", "MFK 'Tочка Опоры'"
This decision will further isolate Russia from the international financial system, complicating foreign operations for Russian banks.
Additionally, in April 2022, Sberbank was also subjected to Western sanctions, resulting in the removal of its "Sberbank Online" mobile app from the App Store and Google Play.
