Italy's largest bank, Intesa Sanpaolo, has announced the introduction of restrictions on euro payments from Russian banks, with the exception of its own subsidiary, Intesa Bank.
From January 15, 2025, the terms of service for the Russian "daughter" correspondent account will be changed, which will affect the possibility of commercial payments in euros for Russian companies working with counterparties outside of Italy. Payments will be limited to transactions that occur within the bank itself or between its subsidiaries and banks in Italy.
It is assumed that this step is a response to pressure from the European Central Bank (ECB), which requires eurozone financial institutions to strictly comply with sanctions, as well as taking into account reputational risks and the consequences of sanctions for companies working with Russia. In particular, Russian exporters, importers and other companies that used Intesa for euro settlements with counterparties outside of Italy may face difficulties, especially representatives of small and medium-sized businesses.
The decision is also explained by increasing pressure on banks remaining in the Russian market, including from the United States, which warns of risks to financial institutions continuing to do business with Russia.
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