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Europe's banks reveal billions worth of Russia risk as sanctions bite
By Lawrence White and Brenna Hughes Neghaiwi
Reuters
Thursday, March 10, 2022
LONDON -- Credit Suisse said it had gross exposure to Russia of 1.6 billion Swiss francs ($1.73 billion) at end 2021, the latest European bank to reveal the size of potential losses as Western sanctions shut Russia out of the global financial system.
Italy's UniCredit and France's BNP Paribas have also disclosed billions of euros worth of Russia risk. In an extreme scenario banks could lose it all if Moscow seizes assets and sanctions render Russia-related securities worthless.
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Deutsche Bank said its credit risk exposure to Russia and Ukraine was 2.9 billion euros and that it had reduced its Russia exposure further over the past two weeks. ...
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