Supervision of subsidiaries and branches of Russian credit institutions following the Russian invasion of Ukraine
8. März 2022
Written questions concerning the single supervisory mechanism:
Brussels, 08.09.2022
Supervision of subsidiaries and branches of Russian credit institutions following the Russian invasion of Ukraine
The EU has responded to the Russian invasion of Ukraine with unprecedented sanctions. Many of these measures, have a severe impact on Russian credit institutions. As demonstrated by the rapid collapse of Sberbank Europe AG, which the ECB declared failing or likely to fail only four days after the start of the war, this also poses substantial risks to the viability of subsidiaries and branches of Russian credit institutions operating in the Eurozone.
Has the ECB taken measures to ensure that all subsidiaries and branches of Russian credit institutions operating in the euro area are subject to permanent and utmost supervisory scrutiny in the current period, in order to protect European customers, deposit guarantee schemes and other stakeholders as well as financial stability from the elevated risk posed by Russian credit institutions?
Has the ECB considered to take over direct supervision of certain particularly exposed subsidiaries of Russian banks operating in the euro area as foreseen in Art. 6(5)(b) of the SSM regulation to ensure an adequate level of supervision?
Has the ECB conducted an overall risk assessment of the implications of the sanctions for the European banking sector and – if so – what the results were?