Sberbank, Russia’s largest bank, has decided to withdraw from the European market amid Russia’s military operation in Ukraine.

“In the current environment, Sberbank has decided to withdraw from the European market. The group’s subsidiary banks are facing abnormal cash outflows and a threat to the safety of employees and branches,” the bank said in a statement.

“Due to an order from the Central Bank of Russia, Sberbank will not be able to supply liquidity to its European subsidiary banks.”

Sberbank said it had enough assets to pay all depositors and that its subsidiaries had high levels of capital and asset quality.

Sberbank Europe is present in eight European markets: in Austria, Bosnia and Herzegovina, Croatia, Czech Republic, Hungary, Slovenia, Serbia and Germany.

After Russia’s invasion of Ukraine, which Moscow calls a military special operation to “demilitarize and denazify” the neighboring country, the West imposed sanctions against Russia’s largest state-owned banks – VTB (MCX:VTBR) and Sberbank (MCX:SBER), as well as a number of other banks. Thus, with regard to Sberbank, the U.S. imposed restrictions on correspondent and payment accounts.