Opposing sanctions, Russia’s Sberbank adds smart TVs to technology offerings

Russia’s top lender, Sberbank, unveiled a series of smart TVs on Tuesday as Western sanctions on Moscow over the events in Ukraine have severely damaged international operations.

Sberbank has developed non-financial businesses such as e-commerce, technology and cloud services to counter the shrinking margins. This process seems determined to continue even if sanctions are shutting down elsewhere.

Lenders left almost all European markets earlier this month, blaming huge cash outflows and threats to staff and property. This was an unavoidable move after the European Central Bank ordered the closure of the European sector.

Sberbank has partnered with electronics retailer M. Video to launch a television that uses the bank’s virtual assistant software to provide services such as online streaming and food delivery from the digital ecosystem.

Sberbank hasn’t disclosed how much it spends on technology, but said banks have previously made a huge investment in Reuters and have increased since shifting their strategy to focus on technology devices and solutions. I am.

Sberbank’s share price, which is dominated by the Russian government, has plummeted since Russia launched a “special military operation” in Ukraine, and Western nations have imposed unprecedented sanctions on Russia’s financial sector.