Russia’s Sberbank collapses 95% on London stock exchange as it exits Europe

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Shares of Russia’s Sberbank plunged 95% on the London Stock Exchange on Wednesday to trade as low as a penny after the bank announced that it was pulling out of the European market.

Russia’s largest lender said its European subsidiaries had experienced “abnormal cash outflows” and expressed concern for the safety of its employees and properties.

As of late morning trade in London, Sberbank shares were down 94.24% to trade at $0.01. The bank has lost 99.9% of its value since the start of the year.
Domestically, Moscow’s stock market has been closed for three consecutive days as authorities attempt to stem the bleeding in local assets.

–  CNBC

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