The largest Dutch bank ING Groep NV said it would not conduct new business with Russian companies, reports Reuters.

ING has wholesale banking offices in Russia and Ukraine with 400 employees in Russia and 110 employees in Ukraine.

The bank said it maintains close contact with employees in both countries.

Of ING's €600 billion loan portfolio, around €4.5 billion is outstanding with Russian clients and €600 million with Ukrainian clients.

The bank said that in addition to stopping new business with Russian companies, it will eliminate transaction fees for retail transactions with Ukraine.