Sep 26, 2025–
On 28 January 2025, ING announced the proposed sale of ING Bank (Eurasia) JSC to Global Development, effectively ending ING’s activities in the Russian market. At the time, it was expected that the transaction would be completed in the third quarter of 2025, subject to various regulatory approvals.
Since the buyer has not received all necessary approvals, there is currently no realistic prospect of completing the transaction in the third quarter. We continue working towards completing the transaction and our exit from the Russian market and expect the financial impact not to be materially different from what was reported earlier. With our 2Q2025 results in July we reported an expected negative P&L impact of around €0.8 billion post tax. This includes an estimated book loss of €0.5 billion and €0.3 billion from recycling the currency translation adjustment through P&L that is currently booked in equity for past changes of the value of ING Bank (Eurasia) JSC as a result of exchange rate movements. The sale is expected to have a negative impact of ~7 basis points on ING’s CET1 ratio.
Since February 2022, we have taken on no new business with Russian companies, have scaled down operations and have taken actions to separate our business in Russia from ING’s networks and systems. We will continue to further reduce our offshore exposure to Russian clients. This exposure, which is booked by ING entities outside of Russia, has decreased by over 85% to €0.7 billion as of 30 June 2025, of which €0.3 billion is under ECA or CPRI cover.
