Italy's largest bank, Intesa Sanpaolo, to stop accepting euro payments from Russian banks

This was reported by the Russian outlet Vedomosti.

According to the report, the decision was confirmed at the bank’s headquarters in Milan after Intesa’s Russian "subsidiary" was informed about the new rules.

The restrictions will apply exclusively to euro payments, except for commercial transactions between accounts within Intesa Sanpaolo, its subsidiaries, and banks based in Italy.

Intesa’s management urged clients to consider these changes when planning payments and account for potential risks.

Experts believe this move will primarily impact Russian corporate clients, especially companies in the service and industrial sectors, which rely on Intesa for euro settlements with foreign partners.

As reported by Radio Svoboda, the volume of transactions through Intesa’s correspondent accounts has already dropped significantly in recent years, and this decision aligns with existing practices.

Experts link the changes to European Central Bank sanctions compliance requirements and concerns over reputational risks. Intesa currently maintains correspondent accounts with about 15 Russian banks.

• On November 21, the U.S. Treasury Department's Office of Foreign Assets Control introduced new sanctions targeting individuals and entities in the Russian banking sector, including Gazprombank.