Support 100 years of independent journalism.

  1. Chart of the Day
15 February 2022

Whose banks are most at risk if Russia invades Ukraine?

Italian and French banks are owed $25bn by Russia.

By Katharine Swindells

Italy, France, Austria and the US are among the countries most financially exposed if Russia invades Ukraine, all with over $10bn in outstanding claims on Russia.

Figures from the Bank of International Settlements show that, as of the third quarter of 2021, Italian and French banks were the most exposed, both with over $25bn in outstanding debts.

Reuters reported last week that a number of European banks are withdrawing from Russian deals, and those with subsidiaries in Russia are preparing for possible sanctions.

International lenders have significantly decreased their exposure to Russia since Moscow’s annexation of Crimea in 2014. The US currently has outstanding claims of just under $15bn, less than half the figure in 2013, when it was the country’s second-largest lender.

The industry’s biggest fear is that Russia is banned from Swift, the system for international financial transfers, as Iran was a decade ago, which would be catastrophic for the repayment of international debts.

Select and enter your email address Quick and essential guide to domestic and global politics from the New Statesman's politics team. The New Statesman’s global affairs newsletter, every Monday and Friday. Your new guide to the best writing on ideas, politics, books and culture each weekend - from the New Statesman. A weekly newsletter helping you fit together the pieces of the global economic slowdown. A newsletter showcasing the finest writing from the ideas section, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Sign up to receive information regarding NS events, subscription offers & product updates.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.

Content from our partners
How to navigate the modern cyber-threat landscape
Supporting customers through the cost of living crisis
Data on cloud will change the way you interact with the government

Topics in this article :