First Russian Bank About to Fail

Sberbank Europe AG has "experienced significant deposit outflows as a result of the reputational impact of geopolitical tensions", the ECB said Michal Cizek AFP  

France 24: European subsidiary of Russia's Sberbank 'failing or likely to fail': ECB 

Frankfurt (AFP) – The European subsidiary of Russia's state-owned Sberbank is facing bankruptcy, the European Central Bank said Monday, in the wake of sanctions aimed at punishing Moscow for its invasion of Ukraine. 

Sberbank Europe AG, headquartered in Austria and with branches in Croatia and Slovenia, has "experienced significant deposit outflows as a result of the reputational impact of geopolitical tensions", the ECB said. 

"The European Central Bank (ECB) has assessed that Sberbank Europe AG and its two subsidiaries in the banking union, Sberbank d.d. in Croatia and Sberbank banka d.d. in Slovenia, are failing or likely to fail owing to a deterioration of their liquidity situation," the ECB said in a statement. 

"The bank is likely to be unable to pay its debts or other liabilities as they fall due," it added. 

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Update: Live updates: ECB says Russia bank subsidiary likely to fail (AP)  

WNU Editor: I am trying to find out what exposure do Western banks have in Russia. From what I have found so far, it is a lot. There is going to be shock-waves in the world's banking system this week, but by how much is anyone's guess.

On a side note. With what is happening right now, the US Federal Reserve is probably not going to raise interest rates. 

On another side note. I always buy a small amount of Canadian gold and silver at the end of the month via through my TD account. I like TD because their prices are always the cheapest. Not tonight .... for the first time ever .... the TD Bank is sold out of its supply of Canadian gold and silver.