US Banks Reducing Presence in Russia

US banks have for the first time detailed how far they have retrenched from Russia in response to the escalating crisis in Ukraine.

After the US imposed extra sanctions on Russian individuals and institutions in response to its seizure of the Crimean peninsula from Ukraine, Citigroup said in a filing that its exposure to Russia fell 9 per cent to $9.4bn in the first three months of the year – its fiscal third quarter.

JPMorgan Chase said it cut its exposure to Russia by 13 per cent to $4.7bn in the same period, while Bank of America Merrill Lynch cut its exposure to the country by 22 per cent $5.2bn.

The US and Germany warned on Friday that they would impose further sanctions on important sections of Russian industry if Moscow impeded the presidential elections in Ukraine this month.

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