Gold $2,646.19 0.27
Silver $31.83 1.19
Platinum $983.60 1.3
Palladium $1,028.37 -2.98
Home
News
Russian Banks in Ukraine

Russia to Open More State-Owned Banks in Ukraine

Posted on June 5, 2024
Writer: James Miller

Russia’s two largest banks, VTB and Sberbank, announced plans to open branches in the annexed regions of Ukraine by July 2024.

Both VTB and Sberbank are state-owned banks and are among the largest financial institutions in Russia. The decision to open branches in Donetsk, Luhansk, Kherson, and Zaporizhzhya is seen as a strategic move to strengthen Russia’s presence in the region.

“Within one and a half months our first 16 branches should open there,” said Sberbank’s CEO German Gref in Russia’s upper house of parliament on Tuesday. “So we will be present throughout the whole country’s territory.”

State-owned Promsvyazbank has already been opening branches in these regions.

The move to annex these regions in 2022 has drawn international criticism.

For more information, check out the full article on Reuters.


James Miller

James Miller is a Senior Content Writer at McGruff.com. He has a background in investing and has spent most of his career in the financial industry. He can trace his family tree back to the California Gold Rush when his ancestors risked it all to make it big in the west. He feels like he's following in their footsteps as he strives to make sense of today's gold market.

Recent News