Crédit Agricole and BNP Paribas are quitting Russia

France’s Crédit Agricole

(CRARY) mentioned on Tuesday it had suspended all providers in Russia, becoming a member of a retreat by different worldwide banks since Moscow’s invasion of Ukraine.

Crédit Agricole, which had beforehand stopped new financing for Russian firms, mentioned in an announcement it had contacted worldwide company purchasers to start suspending providers.

The financial institution had beforehand mentioned its publicity to Russia and Ukraine was round 6.four billion euros ($7.05 billion) in on and off steadiness sheet objects, however informed traders that its 2021 dividend wouldn’t be impacted.

Banks and traders have rushed to chop hyperlinks to Russia in latest weeks, amid heavy Western sanctions towards Moscow.

Crédit Agricole added that its precedence was serving to to assist its 2,400 staff in Ukraine, who had been serving to guarantee important banking actions continued regardless of being “struck at full power by the warfare.”

The transfer comes a day after French rival BNP Paribas

(BNPQF) mentioned it had knowledgeable its company purchasers in Russia that it could now not course of their transactions after the top of month, after beforehand stopping new financing in Russia.

Scores company S&P International mentioned earlier it had suspended providers of all merchandise to clients in Russia and Belarus who’re topic to sanctions.

In the meantime, two thirds of funds in Luxembourg with heavy Russian publicity have been suspended because the Ukraine invasion, which Moscow has mentioned is a “particular navy operation,” the Grand Duchy’s securities regulator mentioned.