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Credit Agricole has suspended its activities in Russia, joining the exodus of international banks from the country over Moscow’s invasion of Ukraine.

The French banking group, which does not have a retail banking operation in Russia, runs a subsidiary in the country, known as Crédit Agricole Corporate and Investment Banking (CIB).

The bank said that it contacted international corporate clients to begin the suspension modalities for the services offered by Crédit Agricole CIB.

According to a statement by the bank, the suspension will take place in the coming weeks.

Crédit Agricole CIB, which has around 170 Russian staff, generated a net income of €3.7m last year.

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By GlobalData

Earlier this month, Credit Agricole temporarily halted lending to new businesses linked to Russia.

The bank also previously disclosed it has an exposure of over $7.2bn (€6.4bn) to Russia and Ukraine.

An increasing number of global banks are cutting ties with Russia as the sanctions by the US and its allies pile up on the country.

Last week, Goldman Sachs, JPMorgan Chase, Deutsche Bank, and Commerzbank announced decisions to suspend their operations in the country.

Meanwhile, Crédit Agricole stated that it is working to offer equipment and financial support to its 2,400 employees in Crédit Agricole.

The bank, present in Ukraine since 2006, has 148 branches and around 426,000 customers, private individuals and corporates in the country.