Support The Moscow Times!

Sberbank May Seek Redress

VIENNA — Russia’s Sberbank may seek redress over its 505 million euro ($674 million) purchase of Austrian lender Volksbank AG’s eastern European arm VBI last year, the Financial Times reported, citing Sberbank CEO German Gref.

“We do have certain issues with the asset quality of what we bought from Volksbank, compared with what was originally declared,” Gref was quoted by the paper as saying in an interview published Monday.

“We anticipate having to have serious conversations with the auditors as well as with the bank.”

A Volksbank spokesman said the lender was taken aback by the reported comments.

(Reuters)

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.