Support The Moscow Times!

Gref Confirms Sale Plans

WASHINGTON — Sberbank will see some certainty over the planned privatization sale after the new government's lineup is announced on May 21, CEO German Gref said Saturday.

"It seems to me that, yes, such certainty should emerge [after the Cabinet announcement]," Gref said. "As soon as the market stabilizes, we can go ahead with the deal."

Sberbank shares fell by up to 9 percent on May 17, their biggest intraday fall so far in 2012. Gref said the share price plummeted because two unidentified investors suffered from margin calls. Sberbank closed at 78.2 rubles ($2.49) per share on May 18, well below the 100 rubles per share that the bank sees as the favorable level for the sale to proceed.


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.