Morozov: the ban of the EU to analyze the Russian banks will have no impact on the business of Sberbank

MOSCOW, October 22. The actions of the European Commission to ban European banks to publish Analytics on the Russian credit organizations targeted by sanctions, will have no impact on the business of Sberbank, as it applies only to new issues of securities. This was announced during a conference call with journalists the Deputy Chairman of the Bank Alexander Morozov.

“This only applies to new issues (securities – approx. ed), so no effect for us. We have no issues not going to do. The European Commission is not prohibited to form financial analyst at the savings Bank, since the restrictions do not apply to those securities of the Bank that were issued prior to introduction of the sanctions,” – said Morozov.

Previously a top Manager of another Russian state Bank VTB, placed under sanctions, also stated that the Commission’s decision will not affect the business of the credit institution.

The European Commission has banned European banks to publish analytical studies on Russian banks which fell under sanctions. The relevant document published on the official website of the EC. It notes that “the issue of the study is not formally considered consulting services, but actually contains an indirect advice.”

Prohibited analysis on Sberbank, VTB, VEB, Gazprombank and Rosselkhozbank. Sanctions against these banks were introduced in July and September last year.