Rabobank has started to wind down all activities in Russia, along with unit DLL, and will eventually leave the country in response to Russia's invasion of Ukraine.

The Dutch bank, which had relatively few commercial interests in Russia, said it had direct net exposure of around €400 million in the country as of January. The bank's exposure was further reduced to around €300 million by March.

DLL is mainly active in Russia, particularly with the leasing of machinery in the agricultural sector. The unit discontinued new activities from Feb. 25.