The logo of French bank Societe Generale is seen outside a bank office in Nantes, France, February 4, 2022. REUTERS/Stephane Mahe
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Feb 27 (Reuters) – Societe Generale SA (SOGN.PA) and Credit Suisse Group AG (CSGN.S) have halted the finance of commodities trading from Russia, Bloomberg News reported on Sunday citing 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, the report said.
Besides, Dutch banking firms ING Groep NV (INGA.AS) and Rabobank are restricting lending to deals involving movement of commodities from Russia and Ukraine, the report added.
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Credit Suisse and Societe Generale declined to comment. ING Groep and Rabobank did not immediately respond to a request for comment.
The United States, Britain, Europe and Canada on Saturday moved to block Russia’s access to the SWIFT international payment system as part of another round of sanctions against Moscow as it continues its assault against Ukraine.
Russia produces 10% of global oil and supplies 40% of Europe’s gas. It is the world’s largest grains and fertilisers exporter, top palladium and nickel producer, third-largest exporter of coal and steel, and fifth-largest wood exporter. read more
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Reporting by Shivani Tanna in Bengaluru, additional reporting by Anirudh Saligrama; Editing by Alison Williams and Grant McCool
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