SBRCY - Sberbank of Russia ADRs plummet after U.S. imposes sanctions

Sberbank of Russia (OTCPK:SBRCY) ADRs are plunging almost 60% in midafternoon trading on Thursday (NY time) after President Biden included the bank in a new round of sanctions intended to punish Russia for its invasion of Ukraine. The round also includes sanctions against VTB Bank PJSC, the U.S. Treasury Department said in a statement. "Treasury is taking unprecedented action against Russia’s two largest financial institutions... drastically altering their fundamental ability to operate," the Treasury said. "On a daily basis, Russian financial institutions conduct about $46B worth of foreign exchange transactions globally, 80% of which are in U.S. dollars. The vast majority of those transactions will now be disrupted," it added. On Tuesday, Biden unveiled a first tranche of sanctions against Russia, which included full blocking of two other Russian banks, Vnesheconombank and Promsvyazbank. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite

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Sberbank of Russia ADRs plummet after U.S. imposes sanctions