Societe Generale and Credit Suisse Suspend Commodity Trade Financing Deals in Russia – Bloomberg News



File image of the logo of French bank Societe Generale outside an office of the bank in Nantes


© Reuters/Stephane Mahe
File image of the logo of French bank Societe Generale outside an office of the bank in Nantes

Feb 27 (Reuters) – Societe Generale SA and Credit Suisse Group AG have stopped financing commodity trade from Russia, Bloomberg News reported on Sunday, citing people familiar with the matter.

The two banks, key financiers of commodity brokerages, are no longer providing the money needed to move commodities such as metals and oil from Russia, the report said. (https://www.bloomberg.com/news/articles/2022-02-27/socgen-credit-suisse-halt-russian-commodity-trade-finance-deals?sref=WJKVI5nK)

In addition, Dutch banking firms ING Groep NV and Rabobank are restricting lending to operations involving the movement of raw materials from Russia and Ukraine, the report added.

Credit Suisse and Societe Generale declined to comment. ING Groep and Rabobank did not immediately respond to a request for comment.

The United States, the United Kingdom, Europe and Canada moved on Saturday to block Russia’s access to the international payments system SWIFT as part of another round of sanctions against Moscow, which continues its assault on Ukraine.

Russia produces 10% of the world’s oil and supplies 40% of Europe’s gas. It is the largest exporter of cereals and fertilizers in the world, the largest producer of palladium and nickel, the third largest exporter of coal and steel and the fifth largest exporter of wood.

(Reporting by Shivani Tanna in Bengaluru, additional reporting by Anirudh Saligrama; Editing in Spanish by Ricardo Figueroa)

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