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The Swiss arm of Russia’ Sberbank is set to be acquired by an unsanctioned buyer, TASS reported citing local newspaper le Temps.

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Sberbank (Switzerland) AG expects to commence operations under a new brand name within five weeks, the newspaper said citing a letter the bank sent to its customers. 

Details of the transaction and the buyer were not made public. 

According to the Swiss publication, Sberbank (Switzerland) AG said that the transfer of ownership is expected to happen within the week. 

In the letter, the Swiss bank also noted that it had limited options, which include acquisition by a new non-sanctioned entity or default and liquidation. 

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Meanwhile, the Swiss Financial Market Supervisory Authority (FINMA) extended the moratorium on Sberbank (Switzerland) AG to 2 August 2022.

The protective measures impose restrictions on payments and transactions as well as delay the payment of deposits. 

The regulator said the decision was made due to increased sanctions and the risk to the bank’s liquidity position. 

The news comes as the war between Russia and Ukraine drags and the European Union countries prepare to implement a sixth package of sanctions on Moscow. 

Earlier this week, the bloc approved a new package of sanctions to remove Sberbank from the global interbank messaging system SWIFT. 

The EU has also proposed a partial ban on the import of Russian oil.

Last month, the Russian bank told TASS that investors from several nations have expressed interest in acquiring it Kazakhstan subsidiary.