When BNP Paribas explained its decision to sell its commodities finance business in the US earlier this year, the bank didn’t mention the war in Ukraine. The decision followed a similar retreat from commodities finance in Europe, the Middle East and Africa (Emea) in 2020 after large losses, which themselves had followed a $8.9 billion fine in 2014 related to trades with Iran, Cuba and Sudan.
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“The decision taken to exit this business was consistent with our approach in Emea,” the bank insisted.
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