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In the wake of Russia’s ongoing war on Ukraine, Italian banking major Intesa Sanpaolo has revealed that its loan exposure to these countries amounts to €5.1bn.

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Intesa Sanpaolo’s loan exposure to clients in Russia and Ukraine makes up around 1% of the group’s total customer loans and is net of guarantees from credit export agencies.

The bank’s exposure to individuals included in the specially designated nationals (SDN) list is equal to €200m.

Of the total €5.1bn loans, which will expire in 2027, nearly €1.9bn exposure comes from the oil and gas industry and €1.1bn from loans to customers and due from banks of its local subsidiaries.

The Italian bank said that it is analysing its exposure to Russia and Ukraine to reduce risk and meet European Union’s energy goals.

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As per Reuters’ report, Intesa Sanpaolo’s net Ukrainian and Russian exposure is €5.7bn ($6.3bn).

The lender is also said to handle more than half of all the commercial transactions between Italy and Russia.

“Over two-thirds of loans to Russian customers refer to top-notch industrial groups, featuring long-established commercial relationships with customers that are part of major international value chains, with a significant portion of their proceeds coming from commodities export,” the bank’s statement read.

The news comes after is Intesa Sanpaolo’s rival UniCredit revealed that it could exit its Russian operations joining others in the Russian exodus.

Banca Intesa, which is Intesa Sanpaolo’s local subsidiary in Russia, employs around 980 people, whereas, Pravex Bank, the bank’s Ukrainian subsidiary, has a team of around 780.