Russia's largest lender Sberbank quits Europe

Russia's largest lender Sberbank said Wednesday it was quitting the European market after coming under pressure from Western sanctions levelled against the state bank in response to Moscow's invasion of Ukraine.

"In the current environment, Sberbank has decided to withdraw from the European market," the lender said in a statement carried by Russian news agencies. The bank's European subsidiaries were facing "abnormal cash outflows and threats to the safety of employees and branches," the statement added.