“Sanctions have put pressure on our business. However, we have always adhered to a conservative approach to capital management. We kept a reserve above the limits of the Bank of Russia, which was necessary to maintain our sufficiency at a stressful time,” the director of Sberbank, Guerman Gref, said.

In his opinion, the capitalization of 2021 profits will be sufficient to meet all Central Bank limits on capital adequacy and continue to lend to both natural and legal persons.

According to International Financial Reporting Standards, Sberbank’s net profit increased 64 percent in 2021 compared to 2020, the TASS news agency reported.

EU members agreed on a sixth package of sanctions against Russia that includes a deferred partial embargo on oil, an extension of the blacklist, the exclusion of Sberbank and two other national banks from the SWIFT system and a ban on broadcasting in the EU for three Russian television channels.

In this regard, the president of the Federation Council (Senate) of Russia, Valentina Matvienko, stressed that the measures against Russia reached the limit, but never produced the results expected by Western countries.

In her words, the authors of the more than 10,000 economic, financial and commercial measures implemented against Russia, most of them in the last three months, admitted that they had exhausted the possibilities of continuing the sanctions war.

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