Billions owned by local authorities in now closed Russian bank

Some CZK 2.53 billion belonging to Czech municipalities is tied up in the now closed Sberbank, Seznam Zprávy reported on Tuesday, citing the Union of Towns and Municipalities. Over CZK 2.5 billion owned by the country’s regional authorities is also stuck in the Russian bank.

The Union of Towns and Municipalities is due to discuss the situation with the minister of finance on Thursday. Some local authorities have all of their money in Sberbank.

The Czech National Bank began the process of revoking its license days after the Russian attack on Ukraine.