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Dutch bank ING says $770 million in loans affected by Russian sanctions -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The entrance to the main branch of ING Bank in Brussels, Belgium on September 5, 2017 is adorned with the logo. REUTERS/Francois Lenoir

AMSTERDAM, (Reuters) – The Dutch bank ING gave an update Friday about its exposure to Russia and Ukraine. It stated that approximately 700 million euros (or $771 million) of outstanding loans had been “affected by (new sanctions) on (Russian specific entities or individuals”) imposed by Europe and America.

It did not include specific information about the 700 million euro in a bullet-pointed statement.

According to the company, it holds 5.3 billion euro in loans to Russian borrowers. This represents 0.9% of its overall group loan portfolio.

It stated that it held 500 million loans in Ukraine, which is 0.1% of the country’s loan books.

According to the bank, moves by some Russian banks to be removed from SWIFT’s messaging system which underpins worldwide payment transactions were “currently not material” for ING.

ING currently has approximately 400 workers working in Russia’s wholesale banking sector and around 100 in Ukraine.

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