Sberbank approves proposal from former British subsidiary to conduct payments to unsanctioned creditors

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Sberbank approves proposal from former British subsidiary to conduct payments to unsanctioned creditors

MOSCOW. Nov 1 (Interfax) - Sberbank has approved a proposal by former UK subsidiary Sberbank CIB (UK) Ltd to make payments to creditors not subject to sanctions before conducting payments to the parent company, special managers said in a report.

"The special managers have sent a letter to the parent company proposing it approve all payments to creditors not subject to sanctions, including interest payments, before payments to the parent company are made. An active conversation was conducted with the parent company in order to ensure it had understood this proposal and agreed to it. As a result, the parent company consented to implement the idea on October 3, 2025," the report reads.

The special managers said that the payments to creditors did not require additional court rulings.

"This is a significant step forward, allowing the temporary management to make payments to all unsanctioned, unsecured creditors - including those who require a license to be obtained - in full, with interest. The remaining assets, minus spending and payments to cover deficits on clients' accounts, will become accessible to the parent company after sanctions are eased or lifted," the report says.

Sberbank CIB (UK) Limited is currently winding down its operations and has been placed under temporary management.

Sberbank in Russia has filed several lawsuits against its former UK subsidiary. In June 2024, the court granted Sberbank's request to seize debts of approximately 11.9 billion rubles from Sberbank CIB. The Russian bank used the right conferred on it by the court and withdrew funds from Sberbank CIB bank accounts and National Settlement Depository (NSD) accounts. The special managers said previously that there were 105 million British pounds in these accounts.

The U.S. imposed blocking sanctions on Sberbank in April 2022. Other countries later imposed similar sanctions on Russia's largest credit organization, including the UK and the EU.