French bank Crédit Agricole suspends all activities in Russia

As Western countries increase pressure on Russia over the ongoing invasion of Ukraine which entered its 28th day on Wednesday, French bank Credit Agricole announced it was suspending all operations in Moscow. Notably, Crédit Agricole, which is one of the largest French banks, has decided to completely suspend its activities in Russia following President Vladimir Putin’s decision to launch an aggressive military operation against neighboring Ukraine.

In particular, Crédit Agricole took this decision to support Ukraine. “The solidarity action is primarily dedicated to the Ukrainian people and their war-affected Ukrainian employees,” the bank statement said. Meanwhile, the European Organization for Satellite Meteorology, EUMESTAT, has also stopped sharing weather data with Russia. However, it can play a crucial role in planning chemical or biological attacks.

Other banks that seized all activities in Russia

Earlier, Citigroup and Deutsche Bank also announced the withdrawal of all operations in Russia after the country invaded Ukraine. US-based Citibank had the largest presence in Russia, with an estimated asset value of $10 billion. “We have now decided to broaden the scope of this exit process to include other business areas and continue to reduce our remaining operations and exposure,” said global public affairs manager Edward Skyler. Previously, Goldman Sachs and JPMorgan had also announced the suspension of all their activities in Russia.

Russia–Ukraine War

As the war between Russia and Ukraine has escalated, with Russian forces continuously bombing Ukrainian cities and killing their citizens, Ukraine has now claimed that President Vladimir Putin’s military forces do not want to continue this war. Earlier in the day, the Ukrainian Defense Ministry claimed that less than 10% of Russian forces were ready to continue the war and that the rest of the personnel were killed, wounded, sick or demoralized. Meanwhile, reports emerged that Russian troops were destroying food warehouses in Ukraine to push the civilian population to the brink of starvation.

(Picture: AP)

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