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us banks russian exposure falls
Large U.S. financial institutions described decrease exposure to Russia in the very first quarter,
as Western nations imposed sanctions on some of the country's citizens and companies in
response to its seizure of Ukraine's Crimean peninsula. For the duration of the first quarter,
Financial institution of America Corp minimize its internet publicity to Russia by 22 per cent to
$5.two billion, most of which was in the sort of loans to Russian vitality firms and financial
institutions, the firm stated in a Thursday filing with the U.S. Securities and Trade Commission.
"The predicament remains fluid with potential for further escalation of geopolitical tensions,
increased severity of sanctions in opposition to Russian interests, and possible Russian countersanctions," the second largest U.S. financial institution said in its submitting. JPMorgan Chase &
Co's publicity to Russia declined by thirteen percent to $4.seven billion, inserting it exterior the
firm's checklist of its best 20 nation exposures, the financial institution stated on Friday in a
quarterly filing with the SEC. Citigroup Inc's publicity to Russia declined by eight.7 p.c to $nine.4
billion in the course of the a few months by way of the end of March, in accordance to a Friday
quarterly filing with the SEC. In the exact same period of time, the Russian ruble depreciated 8.3
% from the U.S. greenback and an index of Russian shares fell 9 per cent, Citigroup mentioned.
The Global Financial Fund on Wednesday slashed its forecast for Russia's 2014 GDP growth
from 1.three % to .two p.c, citing Ukraine-connected sanctions as a risk element. JPMorgan said it
was carefully checking the effect of any current and future sanctions as well as attainable
contagion effects or possible credit history downgrades that could affect other components of the
bank's business. U.S. President Barack Obama and German Chancellor Angela Merkel warned
on Friday of added sanctions in opposition to Russia if it interferes with Ukraine's prepared Could
twenty five elections.