ING Bank

Business in Russia

The bank has not entered into any new deals with Russian firms since February 2022, noting that it has also scaled back operations and taken steps to separate its business in Russia from ING’s networks and systems. The proposed sale of ING Bank (Eurasia) JSC to Global Development, which would end ING’s operations in the Russian market, has also faced uncertain timing as the buyer has not yet received all necessary permits. The deal was initially expected to close in the third quarter of 2025, but now “there is no realistic prospect of completing the transaction in the third quarter.”

Decision trail

Decision date 09/03/2026 · Reference ↗

Suspended new business with Russian companies. Fee waivers for Ukrainians. Continuing to support international clients in Russia. Statement condemning Russian invasion of Ukraine. Pledge of over $3.9M to UNICEF. ING Bank said it had agreed to sell its Russian business to Global Development JSC, a “Russian company owned by a Moscow-based financial investor providing factoring services.” The deal, which is subject to regulatory approval, is expected to close in the third quarter and “will result in ING ceasing operations in the Russian market,” the statement said. The buyer will acquire all shares of ING Bank (Eurasia) JSC, and the entire Russian business will be transferred to it, which will operate under a new brand. Over three years ago, ING CEO Steven van Rijswijk told parliament that the bank was working on its exit from Russia. In the third quarter of last year, ING was set to sell its Russian subsidiary to Global Development JSC, a company owned by a Russian investor. But JSC was unable to obtain the necessary approvals. So ING is now reassessing “the likelihood of the sale,” the bank said in its annual report. On 7 April 2026, ING Groep announced the termination of the previously agreed sale of its Russian subsidiary ING Bank (Eurasia) JSC to Global Development JSC, which was first reported on 28 January 2025. The move followed an assessment that the buyer was unlikely to obtain the necessary permits, prompting ING to consider alternative exit options from the Russian market. The Dutch bank reiterated that it sees no future for its operations in Russia and remains committed to an exit, noting that any alternative scenario should have a broadly similar negative impact on the CET1 ratio, of around seven basis points, as the cancelled deal. Since February 2022, ING has stopped taking on new Russian clients, sharply reduced operations and reduced its offshore exposure to Russian clients by almost 90% to €0.6 billion by the end of 2025, signaling a continuation of the managed withdrawal of funds that investors and regulators should closely monitor.

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Status history since 2022

1. 03/08/2026 — suspended · Imported from KSE LeaveRussia

Exposure profile