Sberbank Drops as CEO Says Russia’s Economy Stagnating - Bloomberg

Sberbank Drops as CEO Says Russia’s Economy Stagnating - Bloomberg: "OAO



Sberbank (SBRCY) fell for the first time in four days, helping lead declines in Russian stocks trading in the U.S., as the lender’s chief executive officer said the Ukraine crisis is hurting the economy more than he expected.



Shares of the country’s biggest bank, which holds about half of Russia’s deposits, fell 0.8 percent to $10.01 in New York yesterday, pushing its loss this year to 20 percent. The Bloomberg Russia-US Equity Index of the most-traded Russian shares in the U.S. fell 0.4 percent, ending four days of gains.



Herman Gref, a former economy minister who has been Sberbank’s CEO since 2007, said at the St. Petersburg International Economic Forum yesterday that Russia is facing stagnation this year as international sanctions linked to the six-month standoff in Ukraine curb growth. His comments came as data showed that a slump in fixed-capital investment extended into a fourth month and increases in wages trailed economists estimates. The International Monetary Fund said last month that the $2 trillion economy may already be in recession."



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