BNPQY BNP Paribas (QX)

   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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