BNP Paribas stops new business in Russia

PARIS. March 22 (Interfax) - French bank BNP Paribas SA has announced it will not conduct any new business in Russia, joining a growing list of European companies that are moving to scale down their presence in the country after it launched its military operation in Ukraine.

BNP Paribas first decided to stop new financing and now it has decided to cease business operations in Russia, the bank said in a statement. The bank said it has informed its corporate clients that its Russian division will not be able to process their transactions as of the end of March.

BNP Paribas said it has gradually reduced its presence in Russia over the past few years and it is now limited.