Russia's Top Lender Sberbank Launches Smart TVs to Offset Heavy Blow of Western Sanctions

Sberbank’s smart TVs use the bank's virtual assistant software and offer services like online streaming and food delivery from its digital ecosystem.

By Reuters | Updated: 16 March 2022 15:58 IST

Russia's Top Lender Sberbank Launches Smart TVs to Offset Heavy Blow of Western Sanctions

Photo Credit: Reuters

Sberbank's share price has plummeted since Russia began its "special military operation" in Ukraine

Highlights

Sberbank has been developing its non-financial businesses
The lender quit almost all its European markets earlier this month
Sberbank does not disclose how much it spends on technology

Russia's top lender Sberbank, with its international operations heavily compromised by Western sanctions against Moscow over events in Ukraine, on Tuesday unveiled a range of smart TVs, the latest addition to its technology arsenal.

Sberbank has been developing its non-financial businesses, such as e-commerce, technology, and cloud services, in an attempt to combat shrinking margins, a process it looks determined to continue even as sanctions shutter its operations elsewhere.

The lender quit almost all its European markets earlier this month, blaming big cash outflows and threats to its staff and property, a move that seemed inevitable after the European Central Bank ordered the closure of its European arm.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

In partnership with electronics retailer M.Video, Sberbank has started selling the televisions, which use the bank's virtual assistant software and offer services such as online streaming and food delivery from its digital ecosystem.

Sberbank does not disclose how much it spends on technology, but the bank has previously told Reuters it is a huge investment and one that it has increased since it shifted its strategy to focus more on technology devices and solutions.

Majority owned by Russia's government, Sberbank's share price has plummeted since Russia began its "special military operation" in Ukraine and Western nations imposed unprecedented sanctions on Russia's financial sector.

© Thomson Reuters 2022

This week on Orbital, the Gadgets 360 podcast, we dive into Apple's Peek Performance event. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.