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SocGen, Credit Suisse halt Russian commodity trade finance deals – Bloomberg News – Metro US

SocGen, Credit Suisse halt Russian commodity trade finance deals – Bloomberg News

FILE PHOTO: Logo of Societe Generale outside a bank office
FILE PHOTO: Logo of Societe Generale outside a bank office in Nantes

(Reuters) – France’s Societe Generale and Switzerland’s Credit Suisse Group have halted the finance of commodities trading from Russia as the Ukraine war fueled concerns about the widening impact of sanctions, Bloomberg News reported on Sunday citing people familiar with the matter.

The two banks, key financiers to commodity trade houses, are no longer providing the money needed to move raw materials such as metals and oil from Russia, the report said.

Credit Suisse and Societe Generale did not immediately respond to Reuters’ requests for comment.

(Reporting by Shivani Tanna in Bengaluru; Editing by Alison Williams)