Dutch Banking Giant ING Completes Russian Exit With Sale of Key Assets

Dutch financial giant ING Groep, the largest bank in the Netherlands by assets, has announced its decision to leave the Russian market following an agreement to sell its business operations to Global Development JSC, a local firm owned by a Moscow-based financial investor.

The move effectively marks the end of ING’s activities in Russia.

According to Reuters, the agreement involves the complete transfer of shares in ING Bank (Eurasia) JSC to the buyer, who plans to continue serving customers in Russia under a new brand.

While the financial terms of the sale remain undisclosed, the transaction is expected to negatively impact ING’s post-tax results by approximately €700 million. The deal is subject to regulatory approval and is anticipated to conclude in the third quarter of 2025.

The bank’s exposure to Russia, as of late September, stood at €1 billion. ING stated that since the onset of Russia’s invasion of Ukraine in 2022, it has refrained from establishing new business relations with Russian companies, significantly reduced the scale of its operations in the country, and started decoupling its Russian business from its global network. These actions have led to a 75% reduction in the bank’s total lending exposure to Russian clients.

However, regulatory requirements in Russia, which mandate government approval for the sale of foreign business assets, have complicated the exit process for many institutions. This has delayed the withdrawal of several Western banks despite their public commitments to sever ties with the Russian market.

Earlier, the Swedish company Ingka Group, owner of IKEA, finalized its exit from Russia by selling its last asset—a key warehouse in Yesipovo near Moscow. The facility, valued at approximately $184 million, was acquired by businessman Robert Uzilov. IKEA had suspended operations in Russia in 2022 and sold all major assets by 2023 in response to the invasion of Ukraine.