Italian Bank Intesa Seeks to Expand Relations With Russia Despite Sanctions

Italian bank Intesa Sanpaolo seeks to expand its activities in Russia despite sanctions.

ST. PETERSBURG (Sputnik) — Second largest Italian bank Intesa Sanpaolo seeks innovative approaches toward expansion of cooperation with Russia, head of its Russian division Antonio Fallico told Sputnik in an interview.

"Obviously, we feel restricted by sanctions and counter-sanctions but looking for the innovative approaches to do our job, to develop and improve the relations between Italy and Russia. We feel like friends of Russia," Fallico said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The 2016 St. Petersburg International Economic Forum (SPIEF) is taking place on June 16-18. The agenda for SPIEF 2016, which is held at a new venue for the first time in 20 years — at the ExpoForum Convention and Exhibition Centre — includes business forums of the Shanghai Cooperation Organization, BRICS, and the Business 20.

According to the organizing committee, the number of contracts at SPIEF is expected to be not less than in 2015 when the total volume of agreements reached 293 billion rubles ($4.4 billion). Russian presidential aide Yury Ushakov said on Tuesday that the number of SPIEF participants would exceed 10,000 this year, compared to 7,500 in 2015.