After the annexation of Crimea in 2014 and the sanctions that followed, many foreign lenders cut or reduced their exposure to Russia
Andrea Orcel, the boss of UniCredit, Italy’s biggest lender, joined several other Italian business executives in a videoconference with Vladimir Putin. During the meeting, which was held as scheduled despite the mobilisation of more than 100,000 Kremlin troops on the Ukrainian border, the Russian president reportedly told Mr Orcel and his colleagues that they should “feel as comfortable as possible about the Russian market”.
UniCredit is not the only bank caught in the crossfire. According to the Bank for International Settlements , a club of central banks, foreign lenders had outstanding claims of $121bn on Russian borrowers at the end of September. Italian and French banks each had $25bn of credit exposure to Russia; Austrian ones had $18bn. Thedata show that the stock of foreign loans to Russian businesses and households grew steadily for much of the 2000s, peaking at nearly $275bn in 2013.
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