Russia Move Will Cost Western Banks $10 Billion

The decision of Western banks to withdraw from the Russian market, according to estimations by the British publication Financial Times, will result in a loss of $10 billion.

Russia Move Will Cost Western Banks $10 Billion. Western states continue to take economic sanctions against Russia, which attacked the territory of Ukraine on February 24. Finally, Western banks decided to leave Russia after the invasion of Ukraine. The British Financial Times (FT), on the other hand, wrote that European banks have set aside billions of euros for losses that will occur with the end of their Russian operations, as previously done by US banks. According to the calculations of the FT, the total risk of Western banks is 86 billion dollars. In addition, these banks have a total of 40 thousand employees in Russia. According to the FT's report, the biggest risk of loss among European banks is in the French bank Societe Generale. Total risk is $19 billion. The bank is expected to experience a loss of $3.9 billion due to the decision to exit Russia. Societe Generale is followed by Italian Unicredit. While the bank's total risk is calculated as 5.6 billion dollars, it is estimated that it will suffer a loss of 1.4 billion dollars due to its exit from the Russian market.