Russia’s two most powerful banks went from their best year ever in 2021 to fighting for their future, with the outlook for Sberbank PJSC only slightly less grim than the Kremlin-friendly VTB Group.
US sanctions imposed on the state-owned lenders over President Vladimir Putin’s invasion of Ukraine caused Sberbank’s European unit to unravel and called into question its ability to pull off a daring bid to become Russia’s version of Amazon.com Inc.
