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Euro zone banks plunge, erasing 2022 gains as Russia invades Ukraine -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A view of the Swiss Raiffeisen headquarters in St. Gallen (Switzerland), July 14, 2018, REUTERS/Arnd Wiegmann

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Joice Alves

LONDON, (Reuters) – Shares of euro-zone banks fell on Thursday following a Russian-led invasion of Ukraine. Officials from the European Union said that they will impose additional sanctions against Russia.

By 1240 GMT, the euro area banks index fell 8.6% to erase all 2022 gains.

The most vulnerable banks to Russia are French, Austrian, and Italian banks. They have been alerted for several weeks because they fear that sanctions will be imposed by the government.

The Italian banks index fell more than 9 percent, and Russia-exposed UniCredit led the loss in Italy, suffering a 11.4% fall.

Austria’s Raiffeisen (OTC:), France’s Societe Generale and ING of The Netherlands are just a few other European banks that Russia is exposed to.

The shares of the company plunged as much as 8% or 20% Thursday.

According to senior officials, the European Union will put new sanctions on Russia. This includes freezing Russia’s assets, stopping its banks access to European financial market, and targeting Kremlin “interests” in response to its “barbaric attack on Ukraine.”

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