Intesa Sanpaolo SpA announced that it has stopped investing in Russia and Belarus, after the increase of the supervision in its activities there, since the beginning of the Russian invasion in Ukraine.
The Italian bank stressed that it has stopped investing in Russian and Belarusian financial instruments, regardless of the current sanctions regimes.
He also stressed that he has not carried out any new financial action with Russian or Belarusian counterparties since the beginning of the war.
“Businesses in the two countries with third parties, as well as those with the group’s Russian subsidiary, Banca Intesa Russia, are subject to increased supervision and analysis,” he said.
The bank had previously said that its presence in Russia was under strategic review, and that it had set up a crisis unit to oversee its operations in the country.
Intesa said its exposure to loans in Russia and Ukraine was 5.1 billion euros and that its exposure to individuals under sanctions amounted to 200 million euros.
Source: Capital
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