Russia is isolated from the world economy. 300 companies from all sectors have already announced their withdrawal from Russia Or already done.
With Goldman Sachs and JPMorgan Chase, two large banks also decided to abandon their Russian business. More likely to follow. This costs tens of billions of dollars As written by CNN Business,.
121 billion losses
For this reason, rating agencies expect that Russian borrowers will no longer be able to repay their debts to international banks. Loans totaling $121 billion are affected worldwide, according to the Basel-based Bank for International Settlements (BIS).
Italian banks will have to write off most of the money in Europe – about 25.3 billion Swiss francs, according to the Bank for International Settlements. France is followed by 25.2 billion and Austria with 17.5 billion.
Even Swiss banks probably won’t get their loans from Russia, rating agencies estimate. In total, the equivalent of 3.4 billion francs could disappear into thin air.
Credit Suisse and UBS are located in Russia
Major Swiss bank Credit Suisse totaled 848 million Swiss francs in Russia at the end of the year, according to the annual report published Thursday. Since then, jobs have been curtailed
Group CEO Thomas Gotstein (58) considers the risks of Russia to be manageable: “We have examined the situations and believe that the Bank’s compliance with respect to Russia is currently well managed and that we have appropriate systems in place to monitor the associated risk response.” In Moscow it has 125 employees. CS estimates the net assets of Russian subsidiaries at 195 million Swiss francs.
At the end of 2021, the counterparty UBS had a risk of about 634 million Swiss francs for customers linked to Russia. However, the situation has also been pared back in recent weeks. Because there is a risk that international banks will have to write off their funds.
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”
More Stories
Lens: Baseball | Finance and economics
The auto giant is getting a new name—that’s why
Sevelen: Kiosk gets a new door