Sberbank's Investment In The Technology Sector In Europe Has Stalled Due To The Russian Invasion Of Ukraine

Russian banking was affected by his country's invasion of Ukraine. (photo: doc. pixabay)

JAKARTA - Russia's main lending bank, Sberbank, while its international operations have been severely disrupted by Western sanctions against Moscow over its invasion of Ukraine, on Tuesday, March 15, launched a range of smart TVs. This is the latest addition to its technology arsenal.

Sberbank has been expanding its non-financial businesses, such as e-commerce, technology and cloud services, in a bid to combat shrinking margins, a process that looks set to continue even as sanctions shut down operations elsewhere.

Lenders exited almost all European markets earlier this month, blaming heavy cash outflows and threats to its staff and property, a move that seemed inevitable after the European Central Bank ordered the closure of its European branch of Sberbank.

In partnership with electronics retailer M.Video, Sberbank has started selling televisions, which use the bank's virtual assistant software and offer services such as online streaming and food delivery from its digital ecosystem.

Sberbank did not disclose how much it spent on technology, but the bank previously told Reuters it was a major investment and has stepped up since changing its strategy to focus more on technology devices and solutions.

Majorly owned by the Russian government, Sberbank's share price has plummeted since Russia began "special military operations" in Ukraine and Western countries imposed unprecedented sanctions on Russia's financial sector.