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Dutch lender ING has provided a new update regarding its position in Russia and Ukraine as the ongoing crisis pressed the financial institutions to re-evaluate their exposure in belligerent countries.

According to a company statement, the bank has around €700m ($757m) in outstanding affected by new sanctions on specific entities and individuals.

This comes after the EU, the UK and the US imposed an array of sanctions on Russia after the latter launched an invasion on neighbouring Ukraine.

ING further added that it is already working under sanctions imposed in 2014.

The SWIFT measure, where some Russian banks are banned from using the messaging system, is expected to have no material effect for ING.

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By GlobalData

ING Wholesale Banking is active in Russia since 1993. The banking portfolio represents around 0.9% of total ING Group loan book.

Following the Ukraine crisis, the bank initiated several risk management measures.

This includes focusing on staying safe, creating a central team for day-to-day monitoring, and implementing steps to comply with sanctions.

It is also working to manage exposure and ramp up monitoring of counterparties.

The lender is working to restrict risks associated with derivatives exposures, working together with counterparties, both onshore and offshore

In December last year, ING announced plans to exit the French retail banking market. The decision may affect 460 ING employees.