Continued exposure to the sanctioned country poses a reputational risk, the European Central Bank’s chief supervisor has claimed Eurozone banks should lower their exposure to Russia or divest from the country altogether, European Central Bank (ECB) chief supervisor Andrea Enria said during a press briefing on Tuesday. According to the official, lenders are risking their reputations if they continue to work in the sanctioned state. “I think that it is important that banks remain very focused on reducing further their exposures and, ideally, exiting the market as soon as they can,” Enria stated, as cited by Reuters.
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