Having “ceased new banking business in Russia and suspended investment management purchases of Russian securities”, global custodian bank BNY Mellon estimates its one-off revenue reduction for related actions and government sanctions at $100 million dollars, with a further yearly impact of $80–100 million per year going forward.

Revealed in a three-paragraph statement on Thursday, these numbers from BNY Mellon are among the first to indicate the measure of the impact that the current events is making on the securities services industry.

“We will continue to work with multinational clients that depend on our custody and record keeping services to manage their exposures,” the company added.