By Elizabeth Dilts Marshall

NEW YORK, (Reuters) – Investors may not fully understand the U.S. banks’ exposure to Russia. This could be due to a failure to disclose all disclosures so far. Banks that receive significant revenue through global operations might also suffer in the long-term, analysts suggested.

U.S. banks have disclosed $14.7 billion of their exposure to Russia so far. U.S. bank exposure is less than that of French, Italian and Austrian banks which have combined over $42.5 trillion in Russia-related exposure.

However, Citigroup (NYSE:) Monday’s surprise revelation by analysts was that Russia had a total exposure of nearly $10 Billion, far greater than originally reported.

This new figure took into consideration cash at Bank of Russia, other financial institutions and reverse repos.

Citigroup’s updated total raises the question whether banks might have larger exposures that what has been disclosed.

Kian Abouhossein from JPMorgan stated that banks are not transparent about Russia’s exposure in a JPMorgan research note.

Abouhossein said that banks generally do not disclose net exposures or provide any granularity regarding gross exposures. Abouhossein also stated that U.S. banks have a derivatives risk, which could impact their wholesale payment businesses.

A few banks in the United States have only quantified Russia exposure.

Citibank is also available. Goldman Sachs Group Inc (NYSE 🙂 had $293 million net exposure to Russia and $414 million market exposure in December 2021 according to its latest filing.

Bank of New York Mellon Corp stated that its Russia exposure is less than $100,000,000

JPMorgan Chase & Co (NYSE:), Bank of America (NYSE:) and Wells Fargo (NYSE:) & Co, which round out the top four largest U.S. banks, did not list Russia in the top 20 countries where they have the most exposure in their most recent filings.

Morgan Stanley (NYSE) has not yet disclosed its exposure.

U.S. banks may have less Russian financial exposure than European counterparts. However, Citi analyst Ken Usdin stated that U.S. bank’s might see larger indirect impact on their businesses due to global revenue.

Citibank, JPMorgan Trust Banks, etc. State Street Usdin suggested that Corp (NYSE) might see this type of impact due their high global revenue exposure.