Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 163

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 163
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 of our assets and liabilities resulting from exchange rate fluctuations. Fiscal instability, political tensions and financial volatility, particularly in Brazil, Mexico, Chile and Argentina, could have a negative impact on the economy of these countries and may have a material adverse effect on us.

• Other risks that could negatively affect the economies and financial markets of the regions where we operate and lead to a slowdown of the global economy, recession, inflationary pressures and/or stagflation include (i) the depreciation of the USD against the euro and other currencies that could lead to a widespread loss of confidence in the USD; (ii) the continuance or escalation of the wars in Ukraine and the Middle East; (iii) increases in the prices of energy and other commodities; (iv) the breakdown of global supply chains; and (v) the return to tight monetary and fiscal policies, including by rising interest costs.

The continuance or escalation of the wars in Ukraine and the Middle East could materially affect our financial position and increase our operational risk.

On 24 February 2022, Russia launched a large-scale military action against Ukraine. The war in Ukraine has caused an ongoing humanitarian crisis in Europe as well as volatility in financial markets globally, heightened inflation, shortages and increases in the prices of energy, oil, gas and other commodities. The continuance or escalation of the war, including its extension to other countries in the region, has led to, and could continue to lead to further increases in energy, oil and gas prices (particularly if supplies to Europe are interrupted) and inflationary pressures, which in turn could lead to increases in interest rates and market volatility. In addition, the war has exacerbated supply chain problems, particularly to those businesses most sensitive to rising energy prices. The war and its effects has exacerbated and could continue to exacerbate the slowdown in the global economy and could negatively affect the payment capacity of some of our customers, especially those with more exposure to the Russian or Ukrainian markets.

| 174 |     | January - June 2025 |

In response to the Russian military action against Ukraine, several countries, including the US, the EU member states, the UK and other UN member states, have imposed severe sanctions on Russia and Belarus, including freezing/blocking assets, targeting major Russian banks, the Russian Central Bank, and certain Russian companies and individuals, imposing trade restrictions against Russia and Russian interests, as well as the disconnection of certain Russian banks from the SWIFT system (Society for Worldwide Interbank Financial Telecommunication). In addition, the sanctions imposed also include a ban