Powerful Russian Lender To Shut Down Gaming Unit

Russian lender Sberbank announced that it would be closing its gaming unit, SberGames, amidst increasing Western sanctions on businesses in the country. SberGames had been facing difficulties in distributing games since Apple and Alphabet’s Google began limiting access to their app stores.

“Due to external restrictions for Russian developers on the global market, Sber has taken the decision to close its gaming business,” said Sberbank in a statement. “SberGames is stopping hiring new employees and launching new projects. It is planned that some SberGames employees will move to work in other departments of the bank and the company’s ecosystem.”

Hit with US and UK sanctions, Sberbank has lost access to the SWIFT global payments system and has exited most European markets. It has also been forced to make several dollar-denominated debt repayments in rubles as Western powers target key Russian institutions over the country’s actions in Ukraine.

(All information was provided by Reuters)

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