BNY Mellon suspending new banking business and investment in Russia

NEW YORK. March 18 (Interfax) - Bank of New York Mellon , the world's leading custodian bank, is ceasing new banking business in Russia and suspending investment management purchases of Russian securities, the lender said in a statement.

Government sanctions and these actions are expected to result in an approximately $100 million one-time reduction in revenue in Q1, and will also impact the bank's annual revenue by an estimated $80-100 million going forward. BNY Mellon's total revenue in 2021 totaled $15.9 billion.

The bank has an office in Moscow with a small number of employees in Russia. Among the services that the bank will stop providing in Russia are treasury services, corporate transactions, depositary receipts placement services and direct lending to Russian companies.

BNY Mellon also said it will donate $1 million to further humanitarian efforts in Ukraine.