SocGen, Credit Suisse halt Russian commodity trade finance deals – Bloomberg News By Reuters
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© Reuters. FILE PHOTO: 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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© Reuters. FILE PHOTO: 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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(Reuters) – France’s Societe Generale (OTC:) and Switzerland’s Credit Suisse (SIX:) Group have halted the finance of commodities trading from Russia as the Ukraine war fueled concerns about the widening impact of sanctions, 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.
Credit Suisse and Societe Generale did not immediately respond to Reuters’ requests for comment.
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