Russia's largest bank, Sberbank, announced Wednesday it would withdraw from almost all European markets because of high capital outflows and threats to its staff and property following Russia's invasion of Ukraine and Western sanctions.

According to Reuters, the news came just as the state-owned bank reported record annual profits for the year 2021.

Sberbank said that it was no longer able to provide liquidity to its European subsidiaries, following an order from the Central Bank. Still, it assures that its level of capital, and the quality of its assets, are sufficient to pay all depositors.

"In the current situation, Sberbank has decided to exit the European market," it said in a statement. "The group's subsidiary banks have faced abnormal cash outflows and threats to the safety of their employees and branches."

Unprecedented measures taken by Western nations in order to isolate Russia's economy and financial system because of its invasion of Ukraine include sanctions on its Central Bank, and the exclusion of some of its creditors from the "SWIFT" global payments system.