BNY Mellon, the US custody bank, says it expects to take a $100mn revenue hit in the first three months of this year stemming from its decision to pull back from Russia and western sanctions in response to Vladimir Putin’s invasion of Ukraine.
The bank said on Wednesday it would stop accepting new banking business in Russia and would no longer purchase Russian securities. Along with the impact of sanctions, this would “also impact the firm’s annual revenue by an estimated $80mn to $100mm”, it added.
BNY Mellon said it “will continue to work with multinational clients that depend on our custody and record keeping services to manage their exposures”.
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