Sberbank is preparing for the fact that trading in yuan will be stopped on the Moscow Stock Exchange due to possible new sanctions
Taras Skvortsov, Senior Vice President and Head of Finance at the bank, said during a conference call that the bank has a plan in place if trading in yuans stops.
He described the situation as “difficult” and said that sanctions are constantly changing.
In June, the Moscow Exchange and its subsidiary National Settlement Depository were sanctioned by the US. After that, trading in US dollars, euros, and Hong Kong dollars was stopped on the exchange. The financial balances of the clients in dollars and euros were converted into rubles, and in Hong Kong dollars — into yuan.
Sberbank, which is one of Russia’s largest banks, is controlled by the Russian government. The bank net profit for the first half of 2024 reached 816.1 billion rubles in accordance with international financial reporting standards (IFRS).
“In the second quarter, we saw strong growth in all areas of our business, which resulted in a net profit increase of 10.1 percent year-on-year, reaching 418.7 billion rubles, while the return on equity reached 25.9 percent,” said Herman Gref, chairman of the executive board and CEO.
The number of active retail clients increased by 0.5 million to 109 million since the beginning of the year, and the number of corporate clients was 3.2 million.
