ZURICH (Reuters – UBS had approximately $22 billion worth of invested assets in Russian clients who are not domiciled in Switzerland and the European Economic Area at the end-March. This was according to its quarterly report on Tuesday. UBS is the largest wealth manager in the world, having publicly tallied the assets that it holds for these clients for the first-ever time.

UBS stated in March that it had limited exposure to Russia. This account accounted for $634 Million of UBS’ total exposure to emerging markets of $20.9 Billion at the close of 2021.

On Tuesday, it reported that 0.7% (of a $3.145 trillion) of its invested assets in wealth management was related “Russian persons non entitled to residence in the European Economic Area(EEA/Switzerland).” The bank also said that the division’s fee-generating assets had experienced a drop due to UBS’ strategic decision to exit services or markets as well as sanctions in response to Russia’s invasion.

By March 31, its direct exposure to Russia was down to $0.4 trillion. In the first quarter, it reported that its exposure to Russian businesses in all of its divisions resulted in a net loss of $100 million.