Dutch bank ING says $770m in loans are affected by Russian sanctions

The ING bank logo is pictured at the entrance to the group’s main office in Brussels, Belgium September 5, 2017. REUTERS/Francois Lenoir

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AMSTERDAM, March 4 (Reuters) – Dutch bank ING (INGA.AS) provided an update on its exposure to Russia and Ukraine on Friday, saying around 700 million euros ($771 million) of outstanding loans were “affected” by “new sanctions”. on specific (Russian) entities and individuals” by Europe and the United States.

In a press release composed of chips and images, he did not specify where these 700 million euros are.

It said it had 5.3 billion euros in loans to Russian borrowers, representing 0.9% of its total group loan portfolio.

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In Ukraine, it said it has 500 million loans, which represents 0.1% of its loan portfolio.

The bank said moves to cut off some Russian banks from the SWIFT messaging system that underpins global payment transactions had “currently no material effect” on ING.

ING has wholesale banking operations in Russia with around 400 employees and around 100 employees in Ukraine, he said earlier.

($1 = 0.9078 euros)

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Reporting by Toby Sterling; edited by David Goodman and Jason Neely

Our standards: The Thomson Reuters Trust Principles.

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