According to data from the Bank for International Settlements, quoted by the Financial Times, US wealth manager fund BlackRock has lost $17 billion from its total Russia exposure of $18.2 bn. This should not be the end of the story: BlackRock is the largest wealth management fund in the world. It is a shareholder in countless financial and non financial corporations throughout the world - a good chunk of which presumably also does business with Russia.
That is the tip of the iceberg, as International Banks are exposed to $121 billion. Of this, European banks own $84 billion, with Societe Generale on top of the list ($21 billion), followed by BNP Paribas ($3 billion), Credit Suisse ($1.7 bn), Deutsche Bank ($1.5 bn). Among US banks, Citibank is the most exposed with $10 Billion.
According to Wall Street On Parade, “Citigroup has the most extensive operations in Russia of any other U.S. bank. Its Russian website reports that it is “a key banking partner” for about 3,000 corporate clients; has branches servicing approximately 500,000 individual customers in 10 major cities in Russia. It provides the following services: “…cash management, trade finance, investment banking, corporate finance, lending, foreign exchange and hedging services, securities services, issuer services and retail banking solutions, including wealth management, credit cards and personal loans.”
