Facing Sanctions Due to War, Here Are 5 of Russia's Largest Banks

Russia's military aggression against Ukraine continues. The invasion has drawn reactions from several parties, including several countries. The United States imposed sanctions targeting five major Russian banks, including the state-backed Sberbank and VTB.

Germany, France, Italy, the United Kingdom, and Canada also announced they would remove several Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which connects more than 9,000 security institutions and corporate clients in 209 countries.

So, what are the largest banks in Russia and which have a strong influence on the White Bear Nation's economy? According to corporatefinanceinstitute.com, these are the 5 largest banks in Russia based on total assets:

1. Sberbank – US$ 358.8 Million
2. VTB Bank – US$ 177.8 Million
3. Gazprombank – US$ 72.05 Million
4. Alfa Bank – US$ 45.06 Million
5. PromSvyaz Bank – US$ 29.6 Million

Sberbank is a Russian state-owned bank headquartered in Moscow. Founded in 1841, it provides financial services to retail and corporate clients. Sberbank manages 11 regional banks in Russia, 79 regional bank branches, and 14,162 branches. It operates in 22 countries and serves a total of 145.6 million customers.

The largest Russian banks have disregarded the impact of sanctions imposed by the United States after Russia launched its military operation in Ukraine. These banks stated they continue to operate normally.

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