It’s getting exciting over in Russia…
Russia’s dominant lender Sberbank reported a nearly 80% plunge in 2022 net profit Thursday as sweeping Western sanctions rattled Russia’s financial sector in what the bank’s CEO called “the most difficult year.”
Sberbank (SBRCY) was releasing results under international reporting standards for the first time in a year. Russian authorities ordered banks to limit disclosures and dividend payments last year as Moscow tried to maintain financial stability.
Source: Sanctions take a heavy toll on Russia’s largest bank, with profits plunging by 78%