Credit Suisse Has $914M Russian Exposure, Calls It ‘Not Significant’

Credit Suisse, which is the second-largest bank in Switzerland, said that its net loan exposure to Russia at the end of 2021 was at CHF 848m ($914m). Additionally, the lender highlighted that its Russian exposure “is not significant.”

The bank’s annual report published on Thursday shows that it issued $914 million in credit lines in Russia and has a further $210 million worth of assets in the country.

The revelation came as banks around the world, especially in the United States and Europe, are concerned with their Russian ties with pressures of mounting sanctions on Russia. All of the lenders are now disclosing their exposure to the country and are making alternative plans if the situation worsens.

Credit Suisse employs 125 employees in Russia across its several banking divisions. “Their ongoing safety and security is a top priority; we monitor the situation daily and have planned for a number of potential scenarios,” the bank said.

Moreover, the Swiss bank said that it has “minimal total credit exposures” to the sanctioned Russian businessmen, officials and politicians. But, it did not provide any number to that.

Banks Are Alarmed

Other European banks have disclosed their exposure to Russia as the Russia-Ukraine conflict is showing no signs of calm down. Credit Suisse’s competitor, UBS said that it has $634 million exposure to Russian assets with less than $10 million in total loans to the sanctioned individuals.

Deutsche Bank’s Russian exposure is at $665 million, but it said that they are “very limited and tightly managed.” Italy’s UniCredit has the highest involvement in Russia with around $8.1 billion in assets. Citigroup alone has $10 billion in exposure in Russia, whereas BNP Paribas and Credit Agricole have $3.3 billion and $7.3 billion exposure, respectively, in Russia and Ukraine combined.