Italy's largest bank, Intesa Sanpaolo, will restrict payments from Russia.

According to a report from "Intesa," the restrictions will apply to payments in euros, with the exception of commercial transactions between accounts within Intesa Sanpaolo itself, its subsidiaries, and banks located in Italy. Clients are advised to take the new rules into account when planning payments and to assess potential risks of denial in advance.

This decision, as per sources from "Vedomosti," will primarily affect Russian corporate clients. Among them are companies from the service and industrial production sectors that have relied on the Russian subsidiary of Intesa for euro transactions with foreign counterparties.

In recent years, the volume of operations through the bank's correspondent accounts has significantly decreased, and this decision merely reinforces the existing practice. Experts link these changes to the European Central Bank's requirements to comply with sanctions and to reputational risks.

Intesa has correspondent accounts held by around 15 Russian banks.

The Financial Times previously listed Intesa Sanpaolo among the seven largest European banks by asset volume in Russia. In 2023, they collectively contributed approximately 800 million euros in taxes to the Russian budget—four times more than in 2021.

According to the newspaper, Intesa Sanpaolo paid around 27 million dollars in taxes last year, while the bank's profit in Russia reached 138 million dollars.

News Release from Radio Free Europe: