European and American banks are preparing to incur losses totaling more than $10 billion in case of reduction of activities in Russia or complete withdrawal from the Russian market.
This is reported by the Financial Times.
As noted, the largest bank in Italy, UniCredit, this week reported that it has reserved for possible losses in Russia more than € 1.2 billion and also warned that it could lose € 5.3 billion if it is forced to withdraw completely from Russia.
French bank Societe Generale is preparing to lose about €3.1bn.
Earlier it was reported that Western companies that leave the Russian market are forced to “play with fire” and incur heavy losses because of the “painful exit” from Russian projects.
As Russian President Vladimir Putin noted, many companies claim they are leaving the Russian market, “but they are not leaving.
Some foreign companies that left Russia in a hurry will find it harder to return than to leave, said Dmitry Medvedev, deputy chairman of Russia’s Security Council.
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