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us banks russian exposure falls
Large U.S. banking companies noted reduce exposure to Russia in the very first quarter, as
Western nations imposed sanctions on some of the country's citizens and companies in reaction
to its seizure of Ukraine's Crimean peninsula. In the course of the 1st quarter, Financial institution
of The usa Corp lower its internet publicity to Russia by 22 percent to $five.2 billion, most of which
was in the kind of loans to Russian vitality firms and banks, the company said in a Thursday
submitting with the U.S. Securities and Trade Fee. "The predicament continues to be fluid with
possible for additional escalation of geopolitical tensions, increased severity of sanctions from
Russian passions, and possible Russian counter-sanctions," the next greatest U.S. financial
institution explained in its submitting. JPMorgan Chase & Co's publicity to Russia declined by
thirteen p.c to $4.seven billion, positioning it exterior the firm's list of its top twenty country
exposures, the lender mentioned on Friday in a quarterly filing with the SEC. Citigroup Inc's
publicity to Russia declined by 8.7 % to $nine.4 billion during the a few months by means of the
end of March, according to a Friday quarterly submitting with the SEC. In the very same time
period, the Russian ruble depreciated 8.3 p.c from the U.S. dollar and an index of Russian shares
fell nine %, Citigroup said. The International Financial Fund on Wednesday slashed its forecast
for Russia's 2014 GDP expansion from 1.three p.c to .2 %, citing Ukraine-related sanctions as a
danger factor. JPMorgan stated it was intently monitoring the affect of any current and potential
sanctions as properly as possible contagion results or likely credit score downgrades that could
influence other areas of the bank's company. U.S. President Barack Obama and German
Chancellor Angela Merkel warned on Friday of added sanctions from Russia if it interferes with
Ukraine's prepared Might twenty five elections.