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SocGen, Credit Suisse Halt Russian Commodity Trade Finance Deals

  • ING, Rabobank also restricted Russia- and Ukraine-linked deals
  • Banks wary that more sanctions on Russian business may follow
Workers cast gold ingots at a foundry in Kasimov, Russia.

Workers cast gold ingots at a foundry in Kasimov, Russia.

Photographer: Andrey Rudakov/Bloomberg

Societe Generale SA and Credit Suisse Group AG halted the finance of commodities trading from Russia as the Ukraine war fueled concerns about the widening impact of sanctions, according to people familiar with the matter.

The two banks, key financiers to commodity trade houses, are no longer providing the money needed to move raw materials such as metals and oil from Russia, said the people, who asked not to be named because the information is private. Banks are concerned future sanctions could include energy or a total expulsion of Russia from the SWIFT system of international payments.