Intesa Sanpoalo Halts Investments in Russia, Belarus

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 [e-mail]

(END) Dow Jones Newswires

April 08, 2022 04:40 ET (08:40 GMT)

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