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Intesa: Halting EUR Transactions Within Russia

FINANCIALS

Intesa (ISPIM: Baa3/BBB-/BBB-) is being reported in Russian media as having suspended “euro conversion, as well as transfers”, apparently from 13-June. Not unexpected after recent sanctions tightenings and noise from the ECB around accelerating Eurobanks’ exits from the country (18-Apr).

  • Bank Intesa, the local subsidiary of the Italian bank, is being reported by Frank Media as having halted EUR transactions within Russia. The country has long been subject to European sanctions, but US sanctions were tightened on 12-Jun, by the UK on 13-Jun so this feels like another increment in the West’s pressure on Russia.
  • Raiffeisen (RBIAV: Baa2) is the European bank with the largest exposure to Russia but this is relatively well understood, including the ECB’s recent insistence it accelerates exit. Others with local exposures include Unicredit, Deutsche Bank, Commerzbank and OTP in Hungary.

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