Western banks eyeing asset swaps to exit Russia

Western banks eyeing asset swaps to exit Russia – media ...News

Russia Today - Economy

UniCredit and Citigroup are reportedly trying to avoid bulky write-downs related to quitting Russia over Ukraine In an attempt to escape hefty write-downs on operations in Russia due to their exit from the sanction-hit country, UniCredit and Citigroup are exploring the possibility of swapping assets with Russian banks, FT reports, citing people with knowledge of the matter. The plan comes amid a mass exodus of foreign lenders from Russia due to Western sanctions imposed on the nation over its military operation in Ukraine. According to estimates revealed last week, European banks took a hit of nearly $10 billion w

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Last updated : 15 May 2022 clock 04:41 PM

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