BNP Paribas to Stop New Business in Russia
22 March 2022 - 7:22PM
Dow Jones News
By Cristina Roca
BNP Paribas SA will stop doing new business in Russia, joining a
growing list of European companies seeking to reduce their activity
in the country following the invasion of Ukraine.
The French bank has told its corporate clients that its Russian
BNP Paribas ZAO subsidiary won't be able to process their
transactions from the end of March onward, it said late Monday.
"BNP Paribas has in a first step decided to stop any new
financing and in a second step to stop any new business in the
Russia Federation," the bank said.
BNP Paribas said its presence in Russia had been gradually
reduced over the past years, and was limited at the time the
current crisis erupted. Earlier this month, the bank flagged net
residual combined exposures to Russia and Ukraine of around 500
million euros ($550.8 million).
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
March 22, 2022 04:07 ET (08:07 GMT)
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