The FCA has announced that Sberbank CIB (UK) Limited, the U.K. arm of Sberbank's corporate and investment banking division, has entered special administration. The firm has found itself unable to make payments due to the sanctions imposed upon the broader Sberbank group.

Sberbank remains an FCA-authorized firm and is still subject to supervisory oversight and FCA rules, notwithstanding the administration. The FCA is working with the joint special administrators, who are expected to write to the firm's clients with their proposals for the special administration by May 27, 2022.

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