Credit Suisse and Societe Generale suspended their financing of commodities trading from Russia.
Switzerland’s second largest bank joined with France's Societe Generale in cutting off financing for commodities trades originating from Russia in light of its invasion of Ukraine, «Bloomberg» (behind paywall) reported Monday.
Swift Sanctions
Concerned that future sanctions could include the energy sector and a complete Russian expulsion from the Swift global payments system led to the decision. On Saturday, the U.S. and the European Union announced excluding some Russian lenders from the Swift system, although both banks made the decision to cut financing before they were announced.
Join Dutch Banks
The Swiss and French banks join ING and Rabobank in restricting commodities lending, with Chinese banks also opting out, Bloomberg said.
Russia's Central Bank
On Friday, Russia's central bank issued a statement that all bank payment cards, including those issued by sanctioned banks, will operate in Russia for payments for goods and services, money transfers and transactions in ATMs without limitations.
