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.
The European Central Bank ordered the closure of Sberbank's European arm, Austria's Financial Market Authority said Wednesday, suggesting it was "failing or likely to fail" afterThe U.S., European Union and the U.K. have ratcheted up sanctions against Russia's institutions in recent days, and restricting the Central Bank of Russia's capacity to use its more than $600 billion in foreign currency reserves.
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