Why Shares of ING Groep Are Falling Today
Shares of Dutch bank ING Groep NV (NYSE: ING) were down by about 9.1% as of 12:58 p.m. ET Monday, likely due to the financial and economic instability Russia is experiencing as a result of the sanctions being imposed on it for invading Ukraine.
ING does have some exposure to Russia, including more than 1 billion euros worth of assets, as of 2020, and foreign currency and interest rate exposure to the Russian ruble, as well.
Since Russia invaded Ukraine, the U.S. and many other countries have sanctioned the country and major institutions within it. Recently, the U.S. and the European Union agreed to ban some Russian banks from SWIFT -- the Society for Worldwide Interbank Financial Telecommunication -- which 11,000 financial institutions use to transfer money to one another.
Source Fool.com
