Credit Agricole suspends services in Russia as banks retreat By Reuters

Fed Finds Itself in Lose-Lose Situation Ahead of Next Week's Big FOMC Meeting

Credit Agricole suspends services in Russia as banks retreat

Stock Markets Mar 22, 2022 01:56PM ET

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Credit Agricole suspends services in Russia as banks retreat

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By Iain Withers and Julien Ponthus

LONDON (Reuters) - France's Credit Agricole (OTC:CRARY) said on Tuesday it had suspended all services in Russia, joining a retreat by other international banks since Moscow's invasion of Ukraine.

Credit Agricole, which had previously stopped new financing for Russian companies, said in a statement it had contacted international corporate clients to begin suspending services.

The bank had previously said its exposure to Russia and Ukraine was around 6.4 billion euros ($7.05 billion) in on and off balance sheet items, but told investors that its 2021 dividend would not be impacted.

Banks and investors have rushed to cut links to Russia in recent weeks, amid heavy Western sanctions against Moscow.

Credit Agricole added that its priority was helping to support its 2,400 employees in Ukraine, who were helping ensure essential banking activities continued despite being "struck at full force by the war".

The move comes a day after French rival BNP Paribas (OTC:BNPQY) said it had informed its corporate clients in Russia that it would no longer process their transactions after the end of month, after previously stopping new financing in Russia.

Ratings agency S&P Global (NYSE:SPGI) said earlier it had suspended services of all products to customers in Russia and Belarus who are subject to sanctions.

Meanwhile, two thirds of funds in Luxembourg with heavy Russian exposure have been suspended since the Ukraine invasion, which Moscow has said is a "special military operation", the Grand Duchy's securities regulator said.

($1 = 0.9081 euros)

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Credit Agricole suspends services in Russia as banks retreat

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