, European banks are counting the rising cost of Russia’s invasion of Ukraine as they brace for a wave of defaults and write down the value of their operations in the country. Moneyweb Russia
European banks are counting the rising cost of Russia’s invasion of Ukraine as they brace for a wave of defaults and write down the value of their operations in the country. Led by Societe Generale SA and UniCredit SpA, the region’s lenders have so far flagged a hit of $8.6 billion to their earnings from the war. The latest bank to add to the tally, ING Groep NV on Friday said it set aside almost $900 million to account for risks in the country.
The Milan-based lender, one of the European banks with the biggest presence in Russia, took a 1.85 billion-euro hit related to the country as it weighs whether to exit. Others, including Deutsche Bank AG, are focusing their provisioning more on Russian loans. The German lender said it considers it to be an “unlikely downside case” that supply chain bottlenecks translate into losses.
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