Kremlin Blocks ING Bank Exit as Russia Tightens Grip on Western Financial Channels

ING terminates the sale of its Russian unit after Moscow refuses approval, leaving the Dutch bank trapped in the Russian market at an €800 million loss.

By: AXL Media

Published: Apr 8, 2026, 7:44 AM EDT

Source: Information for this report was sourced from NL Times

The Collapse of the Global Development Deal

ING’s protracted effort to divest from the Russian market hit a definitive wall on Tuesday as the bank terminated its sales agreement with Russian investor Global Development. The deal, which was brokered last year, would have seen the Dutch lender exit the country at a projected loss of approximately €800 million. In a formal statement, ING noted that there is currently "no realistic expectation" that the buyer will obtain the necessary approvals from Russian authorities, effectively forcing the bank to maintain its presence in a market it has spent four years trying to abandon.

Strategic Hostage-Taking of Western Finance

The refusal to approve the sale is part of a broader Kremlin policy aimed at preserving Russia’s dwindling connections to the international financial system. Following the 2022 invasion of Ukraine, the majority of Russian banks were severed from SWIFT, the global messaging network for financial transactions. According to reports from the Financieele Dagblad, the Russian government is systematically blocking the departure of the few remaining Western banks, as these institutions represent the only viable channels for processing payments for essential imports and facilitating the flight of capital.

Maintaining a Skeleton Presence Amidst Conflict

Since February 2022, ING has significantly de-escalated its Russian footprint, refusing to onboard new clients and isolating its Russian subsidiary from the group’s core IT networks and systems. Despite these efforts to "ring-fence" the operation, the bank remains legally and financially tethered to its Moscow branch. The termination of the Global Development agreement means that ING must continue to manage its existing portfolio in Russia, which primarily consists of legacy loans to international corporate clients operating within the country.