Bank / Credit Union

Western banks brace for $10B loss due to pullout from Russia

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May 10, 2022

As banks across the Western world prepare to leave Russia due to the ongoing conflict in Ukraine, they are also bracing for large losses. In fact, these banks predict they will lose a total of $10 billion, according to a report by Business Insider.

UniCredit, an Italian lender, has set aside $1.3 billion, and two French banks, Societe Generale and Credit Agricole, have set aside $591 million and $410 million respectively. Raiffesien, a bank in Australia has set aside $24 million in preparation.

Citigroup, a U.S. based lender, may face the biggest loss of all at nearly $3.17 billion. The bank set aside $1 billion last month due to this.

JPMorgan CEO Jamie Dimon warned his bank could suffer a lost up to $1 billion as well, and Goldman Sachs has already lost $300 million. Both of these banks announced in March that they were going to begin pulling out operations in Russia.