BNP Paribas will stop new operations in Russia, joining a growing list of European companies seeking to reduce their operations in the country after the invasion of Ukraine.
The French bank has informed its corporate customers that its Russian subsidiary, BNP Paribas ZAO, will not be able to process their transactions from the end of March onwards.
“BNP Paribas has decided in the first step to stop any new funding and in a second step to stop any new activity in the Russian Federation,” the bank said.
BNP Paribas said its presence in Russia had gradually declined in recent years and was limited at the time of the current crisis.
Earlier this month, the bank reported a net combined exposure of about 500m euros in Russia and Ukraine.
Source: Capital
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