BNP Paribas Stops New Business in Russia, Joining European Peers
- Bank informed clients it will stop processing transactions
- BNP joins growing group of lenders winding down local units
Photographer: Theo Giacometti/Bloomberg
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BNP Paribas SA is stopping all new business in Russia, joining European peers in winding down their local operations after the country invaded Ukraine.
The Paris-based bank has informed its corporate clients that its local unit will no longer be able to process their transactions from the end of March, the bank said in an emailed statement late Monday.