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European banks set to open lower after raft of fresh sanctions -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A Deutsche Bank logo in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski/File Photograph

FRANKFURT, (Reuters) – European banks and financial institutions were forced to close lower Monday due to sanctions and other actions in retaliation for Russia’s invasion Ukraine.

Lawyers for banks have struggled to understand the effects of new sanctions and exclusion of major Russian banks of SWIFT.

Germany’s Deutsche Bank Commerzbank and (DE) both showed that they were opening more than 4% less Monday.

Deutsche Bank released a statement saying that it supports the German government’s decisions and allies, and will continue to implement sanctions.

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