off-the-wire

Euro zone banks have halved exposure to Russia, ECB's Buch says

Kitco Media
By Reuters
Published:
Updated:
Reuters
Euro zone banks have halved exposure to Russia, ECB's Buch says teaser image

FRANKFURT, May 13 (Reuters) - Euro zone banks have more than halved their exposure to Russia since the invasion of Ukraine, the European Central Bank said on Monday, adding that it has told lenders that still operate there to cut their ties.

"Direct exposures to Russia fell by 55% between the end of 2021 and the end of 2023, the ECB's chief supervisor Claudia Buch told the Eurogroup of euro zone finance ministers

"Some banks have even managed to fully exit the Russian market. ECB Banking Supervision has asked all other banks with significant exposures to Russia to speed up their de-risking efforts by setting a clear roadmap for downsizing and exiting the Russian market."

Reporting By Francesco Canepa Editing by Balazs Koranyi

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