Russia moves a new piece in its game against the West. Sberbank, the largest Russian state-controlled bank, hopes to open a subsidiary in China before the end of 2023, its vice president, Alexandr Vedyajin, announced today at a press conference.
“I hope that by the end of 2023 we will be able to open the subsidiary in China, usually that takes between a year and a half and two years. We hope that by the end of 2023 we will have a subsidiary in that country,” he said, quoted by the Interfax agency.
Vedyajin said that Sberbank maintains “active communications” with the Chinese regulator, which has been provided with a “huge package of documents.” “The Chinese regulator very scrupulously checks all the documents and asks for them in large quantities,” he added.
Sberbank, disconnected last May from the SWIFT international interbank messaging system by the European Union (EU) as part of the sanctions for the Russian military campaign in Ukraine, currently has only one subsidiary in India, the only abroad.