Dutch ING Bank Unable to Divest Its Business in Russia

Dutch ING Bank, recognized as one of the foremost financial institutions in Europe, has announced its inability to complete a transaction for the sale of its Russian operations. This development was reported by the Ukrinform news agency, referencing a statement released by the bank itself.

According to ING's statement, the agreement to sell its Russian subsidiary, ING Bank (Eurasia), has been terminated. The potential buyer was identified as Global Development; however, the deal was canceled due to the lack of necessary regulatory approvals, which complicated the asset transfer process.

The bank confirmed that it has already dissolved the purchase agreement. They noted that, at this time, there are no realistic grounds to expect that the buyer will be able to obtain all the required permits to finalize the deal. Meanwhile, ING emphasizes that its position remains unchanged: the bank is committed to completely exiting the Russian market.

ING also stated that the decision to terminate the agreement was made after assessing the situation, which indicated that there are currently no realistic expectations regarding the buyer's ability to secure all necessary approvals. This underscores the significant challenges faced by Western companies attempting to reduce their presence in Russia.

Since the onset of the full-scale war between Russia and Ukraine in 2022, ING Bank has ceased new operations with Russian clients and significantly reduced its footprint in the country. The bank is also gradually separating its Russian business from its global systems, indicating a serious intent to exit the Russian market.

According to ING, the level of financial investments from Russian clients, arranged outside of Russia, has already decreased by nearly 90%. This reflects the bank's active efforts to reduce its financial obligations in Russia, despite the challenges associated with asset sales.

ING stresses that, despite the difficulties in selling, the goal of exiting the Russian market remains a priority for the bank. This decision is part of a broader strategy aimed at mitigating risks and enhancing the stability of financial operations.

It is noteworthy that ING Bank is not the only Western bank attempting to diminish its presence in Russia. For instance, one of the largest Western banks in the Russian market, American Citibank, has already completely exited Russia by 2025. On November 12, 2024, it was announced that Russian President Vladimir Putin signed a decree that allowed the sale of Citibank's Russian subsidiary to the financial group Renaissance Capital.

In 2024, Citibank ceased servicing all of its debit cards and halted operations under the Central Bank's Fast Payment System, including transfers and cash withdrawals at terminals. In November 2024, Citi closed its last operating branch in Moscow that catered to retail clients. By October 2025, the bank stopped servicing all savings and investment accounts in Russia.

Thus, the situation in the Russian financial market remains complex for Western banks seeking to exit an increasingly unpredictable market. ING Bank, like other Western financial institutions, continues to explore ways to mitigate its risks while focusing on its exit from the Russian market.

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