Intesa Sanpoalo Halts Investments in Russia, Belarus
08 April 2022 - 6:55PM
Dow Jones News
By Ed Frankl
Intesa Sanpaolo SpA said Friday that it has stopped investments
in Russia and Belarus after it tightened monitoring of its
activities there since the start of the invasion of Ukraine.
The Italian bank said it has stopped investments in Russian and
Belarusian financial instruments, independently from the applicable
sanction regimes.
It also said it hasn't carried out any new financing with
Russian or Belarusian counterparties since the beginning of the
war.
Business activities with Russian and Belarusian
counterparties--including those of the group's Russian subsidiary,
Banca Intesa Russia--have been subject to enhanced monitoring and
analysis, it said.
The bank previously said its presence in Russia was under
strategic review and started a crisis unit to oversee its
activities in the country.
Intesa said in March its loan exposure to Russia and Ukraine was
5.1 billion euros ($5.55 billion) and that its exposure to
sanctioned individuals was EUR200 million.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
April 08, 2022 04:40 ET (08:40 GMT)
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