(MENAFN) UniCredit and Citigroup are looking into the potential of swapping holdings with Russian banks in order to avoid huge write-downs on operations in Russia as a result of their withdrawal from the embargo nation, according to FT, quoting people familiar with the situation.
The idea comes as Russia faces a large flight of foreign lenders as a result of Western penalties imposed on the nation for its military campaign in Ukraine. According to estimates released the previous week, European banks have written down holdings and put aside cash to safeguard themselves from the projected economic consequences of anti-Russia penalties worth approximately USD10 billion.
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