Europe’s Banks Earmark $710 Million to Brace for Iran War Impact

Europe’s top banks have set aside hundreds of millions of euros to shield against a financial impact from the Iran war, highlighting how the economic risks for the region are on the rise.

BNP Paribas SA, Societe Generale SA and Standard Chartered Plc disclosed on Thursday they made provisions in the first-quarter to brace for a potential downturn triggered by surging oil prices and fragile supply chains.