WAR IN UKRAINE & ING
War In Ukraine
An announcement
from the bank revealed that the additional penalties against certain organizations
and individuals had affected around €700m ($757m) in outstanding bank debt. Because
of Russia's invasion of Ukraine, the European Union, the United Kingdom, and
the United States all slapped a variety of sanctions on the country. ING
further noted that the restrictions imposed on it in 2014 are already being
implemented. ING does not anticipate any significant impact from the SWIFT
measure, which prevents some Russian banks from using the system. However,
the Russian central bank imposed FX and capital controls, impacting the
ability to pay for borrowers with Russian nexus. ING Bank (Eurasia) continues to effect
payments in Russian Rubles, although ING offices outside of Russia no longer
process transactions denominated in Russian Rubles (RUB) or Belarussian Rubles
(BYN), including FX involving these currencies (RUB).
There has been a presence of ING Wholesale Banking in Russia since 1993. About 0.9% of all loans made by ING Group have been held in the bank sector as well as the Subsidiary capitalization of €0.2 billion, out of 0.9% of all loans mostly are in USD and EUR, Mainly Liquidity facilities and pre-export financing. The bank implemented new precautions after the situation in Ukraine. Maintaining security, establishing a coordinating group for routine oversight, and taking measures to meet sanctions are all part of this. So, it is trying to control risk and increase its management of partners. Bank collaborates with domestic and international counterparties to limit exposure to derivatives-related risks.
"We strongly condemn the invasion of Ukraine, the devastating and heartbreaking impact it has on people’s lives and the threat it poses to international stability and security," the ING Group CEO, Steven van Rijswijk, stated. “We stand with the people of Ukraine and our thoughts and hearts are with the people who are suffering and fearing for their lives and livelihood.”
In addition to the various local fundraising campaigns taking place across markets, ING has donated €3 million to UNICEF's humanitarian relief efforts to aid children and their families affected by the war inside Ukraine and on the receiving borders. ING also organized a UNICEF fundraising portal for people around the world to use, including their own staff.
If you are interested in finding more about ING updates about Russia and Ukraine then please click on the link below
Update on Russia and Ukraine | ING
References
ING stands with the people of Ukraine, Available At https://www.ing.com/Newsroom/News/ING-stands-with-the-people-of-Ukraine.htm (accessed on 1st March 2023)
ING provides an update on exposure in Russia and Ukraine, Available At https://www.retailbankerinternational.com/news/ing-exposure-russia-and-ukraine/ (accessed on 1st March 2023)
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