The Dutch group ING has reached an agreement to sell its business in the russian federation to the russian company Global Development JSC. This was announced by the press service of ING.

The deal will be closed in the third quarter of 2025 and will effectively end ING's activities in the russian market. Global Development will take over all activities in the russian federation and personnel.

"Global Development will acquire all shares of ING Bank (Eurasia) JSC, taking over all Russian onshore activities and staff. Global Development intends to continue to serve customers in Russia under a new brand," the press release said.

As part of the deal, ING will write off ˆ€700 million and then continue to reduce offshore risks for russian clients.

The Dutch group ING has not done any new business with russian companies since 2022. The company has reduced operations and taken measures to separate the business from ING's networks and systems.