Euro zone banks have reduced their exposure to Russia by half ECB’s Buch says

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The European Central Bank (ECB) revealed that euro zone banks have significantly reduced their exposure to Russia by more than half since the invasion of Ukraine.

Claudia Buch, the ECB’s chief supervisor, informed euro zone finance ministers that direct exposures to Russia fell by 55% between the end of 2021 and the end of 2023.

Furthermore, the ECB has instructed banks that still operate in Russia to cut their ties with the country. Some banks have successfully exited the Russian market entirely, while others with significant exposures have been urged to expedite their de-risking efforts by establishing clear plans for downsizing and exiting the market.

Reuters

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