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Shares of Sberbank on the London Stock Exchange fell to $ 0.01

The Central Bank of the Russian Federation raised the dollar on 3 March to 103.25 rubles; the euro - to 114.55 rubles.

Shares of Sberbank on the London Stock Exchange fell to $ 0.01

Depository receipts of the Russian state "Sberbank" on the morning of Wednesday, 2 March, on the London Stock Exchange fell to $ 0.01. They lost 99.91% of their value.

It happened after the announcement of the closure of the bank's European "daughters"—the stock exchange data evidence that. 

Earlier, Sberbank stated that its subsidiary banks in Europe faced an abnormal outflow of funds and a threat to the safety of employees and branches. As a result, the bank will no longer be able to supply liquidity to European subsidiaries at the behest of the central bank, but "its level of capital and asset quality are sufficient to pay all depositors."

At the same time, the Russian Central Bank raised the dollar on 3 March to 103.25 rubles, the euro to 114.55 rubles.

In the last few days alone, another round of sanctions has overtaken the Russian economy over the war with Ukraine.

In particular:

  • US government has banned Russian planes from flying in US airspace following similar steps by the EU and Canada.

  • Apple has suspended exports to Russia and restricted other services.

  • Canada has prohibited operations with the Central Bank of Russia.

  • Instagram has blocked all RT and Sputnik accounts in 27 European countries.

  • Japanese Honda and Mazda have announced the termination of exports of cars, motorcycles and components to Russia.

  • American carmaker Ford Motor (SPB: F) Company has announced the termination of operations in Russia, including the joint venture with the group "Sollers (MOEX: SVAV) Auto" from the production of LCV Ford Transit in Tatarstan.

  • Boeing and Airbus have suspended support for Russian airlines and cut off spare parts.

  • The Maersk shipping group has suspended all shipments to and from Russia.

  • This year, the Cannes Film Festival has refused to host Russia's official delegation.

  • Stock exchange organization Deutsche Börse has stopped trading in all Russian securities on 2 March.

  • The International Skating Union (ISU) has excluded Russian and Belarusian athletes from international competitions in figure skating, short track and skating.

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