Italy's largest bank to close office in Moscow

Reuters reported this, Ukrinform saw.

According to the bank's spokesperson, Intesa Sanpaolo has decided to close its representative office in Moscow, although the largest bank in Italy has not yet been able to obtain approval from the Russian authorities for a full withdrawal due to Russian restrictions on the disposal of assets.

The laws, which Russia introduced after it invaded Ukraine last February, require banks and companies to get a green light from the Russian president to withdraw from the market.

With a staff of about 900 people, at the beginning of the war, Intesa Bank in Russia served only corporate clients through its 27 branches.

Currently, Eurozone banks are being pressured by industry supervisors to withdraw from Russia, and Intesa is exploring options for leaving the country.

As Ukrinform reported, last April, the largest Italian bank Intesa Sanpaolo stopped financing Russian and Belarusian counterparties.