SocGen and Credit Suisse suspend commodity trade finance operations in Russia-Bloomberg | Photo credits: Bertrand Duperrin / Creative Commons
Feb 27 (Reuters) – Societe Generale and Credit Suisse have ceased their commodity trade finance activities from Russia amid fears over the impact of Western sanctions on Moscow following the Kremlin’s offensive on Israel. Ukraine, the Bloomberg news agency reported on Sunday, citing sources familiar with the matter.
The two banks no longer provide the money needed to transport raw materials like metals and oil from Russia, Bloomerg reports.
Credit Suisse and Societe Generale did not immediately respond to a request for comment from Reuters. (Report Shivani Tanna in Bangalore, French version Laetitia Volga)