Intesa’s decisions are linked to pressure from the European Central Bank, sanctions restrictions and reputational risks.
Italy’s largest bank, Intesa Sanpaolo, will stop accepting payments in euros from all Russian banks except its own Russian subsidiary, Intesa. This was reported to RosSMI by sources in two Russian credit institutions.
It is noted that Intesa’s clients and counterparts have received the corresponding message.
Also, from January 15, 2025, Intesa Sanpaolo will change the terms of service for its subsidiary bank’s correspondent account. In particular, payments in euros will remain available only for commercial purposes to accounts with Intesa, its subsidiaries and banks located in Italy.
Intesa’s decision will primarily affect Russian corporate clients to use the bank’s local subsidiary for euro settlements with counterparties outside Italy. These are, first of all, exporters and importers, companies from the service and industrial sectors.
Let’s recall that at first the banks of the United Arab Emirates tightened control over transactions related to Russian companies.
The State Bank of Russia VTB, which came under Western sanctions and was disconnected from the SWIFT system, is closing its only subsidiary in Africa.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.