Its leaders International Monetary Fund and her World Bank announced on Tuesday (1/3) that they are accelerating efforts to provide additional assistance of billions of dollars to the Ukraine in the coming weeks, while warning of the danger of “significant diffusion” of the effects of the war to other countries.
IMF Managing Director Kristalina Georgieva and World Bank President David Malpas said commodity prices were rising, threatening to fuel further inflation, and that financial turmoil could worsen if left unchecked.
They also expressed shock and sadness about the war, without naming it Russiawhich is a major shareholder in both international financial institutions.
European subsidiary of Sberbank, Russia’s largest bank, closes on ECB orders
THE European subsidiary of Sberbankthe largest Russian bank, closed following an order from the European Central Bank (ECB), which warned the day before yesterday Monday (28/2) that this credit institution was facing “bankruptcy” due to the massive withdrawals of savings in the middle of of war in Ukraine, informed the Austrian capital market authority in an announcement.
The liquidation process of Sberbank Europe AG – based in Austria – was announced a little earlier yesterday by the ECB’s supervisory body, the Single Resolution Council, noting that its customers’ savings are guaranteed up to the amount of 100,000 euros.
“By order of the ECB, the Austrian capital market authority (…) issued a decision prohibiting the continuation of the operation of the licensed credit institution” this “with immediate effect”, according to the press release of the Austrian authority, published late last night Tuesday (1 / 3).
Source: News Beast
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
