Credit Suisse reveals over $900m exposure to Russia

ZURICH: Swiss banking giant Credit Suisse said Thursday that its exposure to Russia totalled over $900 million at the end of last year, with “minimal” links to individuals sanctioned over the Ukraine war.

Russia has been hit with crippling sanctions and traditionally neutral Switzerland last week aligned itself with EU penalities over the February 24 invasion of Ukraine and ordered the freezing of Russian assets.

Switzerland’s second largest bank said its exposure to Russia stood at 848 million Swiss francs ($914 million, 828 million euros) at the end of 2021.

But as of March 7 it had “minimal total credit exposure towards specifically sanctioned individuals managed by our wealth management division,” a statement said.