Deutsche Bank: We have significantly reduced our exposure to Russia and will apply all sanctions

Deutsche Bank announced on Monday that it had significantly reduced its exposure to Russia, adding that it “will immediately and fully implement the sanctions and other measures imposed by Western countries.”

Deutsche Bank said it supports the decisions of the German government and its allies and will implement sanctions against Russia, Reuters reported.

Previously, Credit Agricole announced that it has teamed up with other European lenders in disclosing details of loans and other obligations with Russia and Ukraine, as the bank indicated that its total exposure to the two countries amounted to approximately 6.4 billion. euros (7 billion dollars).

The French bank’s total exposure to the two countries represents about 0.6% of the total commercial loan portfolio, of which about € 4.9 billion of the total exposure to Russia, according to a statement released Monday by “Bloomberg” and seen from “Al Arabiya.net”, While commercial loan commitments amount to Ukraine for about 1.5 billion euros.

The bank said the situation in Russia will have no impact on the dividend for the year 2021.

This comes when Raiffeisen International Bank revealed last week that it has stopped paying its dividends, as the Swiss lender gets 30% of its pre-tax profits from Russia.

On the other hand, Dutch lender ING Groep NV said late last week that its exposure to Russia amounted to € 6.7 billion, with the metals and mining industry accounting for more than a third of tale amount, while its exposure to Ukraine represented 500 million euros, mainly in the food and agricultural sector which accounts for 62% of this number.

In addition to Raiffeisen, Italy’s UniCredit and Société Générale are among the European banks with the greatest exposure to Russia.

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