FRANKFURT, Feb 24 — Financial firms from Frankfurt to Wall Street suffered heavy share price falls today as they grappled with the impact of shockwaves from Russia’s invasion of Ukraine.it had contingency plans in place as US and European officials warned of further sanctions on Moscow.
European banks are most exposed to Russia, especially in France, Italy and Spain, far outstripping US banks’ exposure, data from the Bank for International Settlements shows.were hardest hit after its forces invaded Ukraine by land, air and sea, with the biggest attack by one state against another in Europe since World War Two.
European Union leaders will impose new sanctions on Russia, freezing its assets, halting access of its banks to the European financial market and targeting “Kremlin interests” over its “barbaric attack”, senior officialsBut in what will be a relief to Europe’s banks, the EU is unlikely at this stage to take steps to cut off Russia from the SWIFT global interbank payments system, several EU sourcesBoth Deutsche Bank and Allianz, two of Europe’s most important financial businesses and both with...
“We have contingency plans in place,” it said in a statement. A spokesperson declined to elaborate, but said “risks are well contained”.
Source: News Formal (newsformal.com)
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