Dutch bank ING Group says won't conduct any new business with Russian companies

The lender will also waive transaction fees for retail transactions to Ukraine

ING has wholesale banking offices in both Russia and Ukraine. Reuters / File Photo

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ING Group, the largest Dutch bank, on Wednesday said it would not do any new business with Russian companies as a result of the country's military offensive in Ukraine.

"We strongly condemn the invasion of Ukraine, the devastating and heart-breaking impact it has on people’s lives and the threat it poses to international stability and security,” said Steven van Rijswijk, chief executive of ING Group, in a statement.

ING has wholesale banking offices in both Russia and Ukraine, with 400 Russian employees and 110 Ukraine employees.

The bank said it remained in close contact with employees in both countries.

Out of ING's €600 billion ($666bn) loan book, around €4.5bn is outstanding with Russian clients and €600 million with Ukrainian clients.

The bank said that in addition to halting new business with Russian companies, it would waive transaction fees for retail transactions to Ukraine.

It said it is complying with international sanctions.