Crédit Agricole, which had in the past stopped new financing for Russian corporations, mentioned in a commentary it had contacted world company purchasers to start out postponing services and products.
The financial institution had in the past mentioned its publicity to Russia and Ukraine used to be round 6.4 billion euros ($7.05 billion) in off and on steadiness sheet pieces, however instructed traders that its 2021 dividend would no longer be impacted.
Banks and traders have rushed to chop hyperlinks to Russia in fresh weeks, amid heavy Western sanctions in opposition to Moscow.
Crédit Agricole added that its precedence used to be serving to to enhance its 2,400 workers in Ukraine, who had been serving to make sure crucial banking actions persevered in spite of being “struck at complete drive by means of the struggle.”
Scores company S&P World mentioned previous it had suspended services and products of all merchandise to shoppers in Russia and Belarus who’re matter to sanctions.
In the meantime, two thirds of price range in Luxembourg with heavy Russian publicity had been suspended because the Ukraine invasion, which Moscow has mentioned is a “particular army operation,” the Grand Duchy’s securities regulator mentioned.
