By Valentina Za

MILAN (Reuters] – The top international banks that are exposed to Russia have taken more than 11 Billion Euros ($12 Billion) in provisioning in the first quarter in order to prepare for possible losses.

Here are the details of actions taken by banks that were most vulnerable:

Graphic: Russia-Ukraine hit at leading European banks – https://fingfx.thomsonreuters.com/gfx/mkt/egvbkwjyxpq/russia-ukraine-hit-in-mln-euros-at-leading-european-banks-.png 27214735-1db4-4435-9d36-852794acd51e1

EUROPEAN BRANKS

RAIFFEISEN BANK NATIONAL (RBI).

The RBI invites potential buyers to evaluate interest in its Russia unit, which is the 10th largest bank in Russia. The options include either a complete or partial sale as well as a spun-off. But any decision can take time.

Due to the provision of 301 million euro in Russian and Ukrainian businesses, impairment losses increased more than fourfold in the first quarter. RBI currently has exposure of 2.33 billion Euros to Russia via equity and capital. As of April 29, it had a net cross-border exposure in excess of 380 millions euros.

SOCIETE GENERAL

Interros Capital is a Russian-linked company that has purchased Rosbank, the Russian bank unit from France.

While the sale results in an approximate 3.2 billion net loss on the income statements, it does not have a significant capital impact. SocGen is now free from a 15.4 million euro Russian exposure.

SocGen is reducing Russia’s cross-border exposure. It was at 2.8 Billion euros by March 31. The first quarter saw 354million euros worth of provisions tied to Russia.

Russia contributed 2.7% to 2021’s net income.

UNICREDIT

In the first quarter, Russia exposure was reduced by the Italian bank to 7 billion euro. The swap of assets with Russian counterparts that were not sanctioned for European operations also helped.

According to two sources close to the issue, attempts to swap Russia’s largest local asset, AO Unicredit Bank has been thwarted due to international sanctions. This bank is Russia’s fourteenth-largest, according to two people who were familiar with it. The people claimed that there are not many opportunities for swapping and UniCredit’s desire to make a profit from any deal is complicating the exit.

UniCredit absorbed more 70% of Russian losses in its first quarter, with a provision of 1.2 Billion Euros. In a worse-case scenario UniCredit could have 5.2 Billion euros.

INTESA SANPAOLO

It has set aside 800 millions euros for potential losses in its Russian and Ukrainian business operations as part of a strategic review.

Intesa had a cross-border exposure of 3.9 million euros to Russia prior to the provisions. This was net of all guarantees. Additional exposure is available to local units of Banca Intesa Russia, and Ukraine’s Pravex Bank.

The total exposure, including items off-balance sheets that CEO Carlo Messina said carried “zero risk”, amounts to 6.1 billion Euros

CREDIT AGRICALE

In the first quarter of 2018, 584 millions euros was set aside by French banks for Ukraine and Russia.

Since the invasion of Ukraine, it has reduced its Russia exposure to Russia by 1.1 million euros. It had an exposure of 3.8 billion euro to Russia as of March 31, with 600 million euros in off-balance, cross-border exposure.

ING

The Dutch bank received 834 millions euros worth of Russia-related provisions during the first quarter. As of April 30, its exposure to Russia was 5.8 billion euros, down from 6.7 million on February 28. Sanctions have affected approximately 3.3 billion euro.

DEUTSCHE BANK

As of March 31st, the German bank’s overall Russia credit exposure had fallen to 2.3 billion euro (incl. contingent risks), from 2.9 miliarde euros just three months prior. It also removed all Russian major derivative exposure.

COMMERZBANK

From mid-February through end April, the net Russian exposure of German lenders was reduced by over a third. It is now below 1.2 million euros. Provisions rose to 464 millions euros in the first quarter due to the impact of the Ukraine conflict.

CREDIT SUISSE

A loss related to Russia’s invasion of Ukraine during the first quarter was recorded by the Swiss bank at 206 Million Swiss Francs ($213.4M).

U.S. Banks

CITIGROUP

Citi decreased its Russian exposure by $2B to $7.8Billion during the first quarter. The company also said that they would not be losing more than $3B in a severe adverse situation, down from an initial estimate at $5B.

Citi put aside $1.9billion to protect against potential losses due to direct Russian exposures and economic effects of war.

GOLDMAN SACHES

Overall, the net financial impact of Russia-related instrument on revenue for the first quarter was around $300 million.

JPMORGAN

A third of the total $900million reserve building-up by U.S. banks in the first quarter was accounted for by provisions on Russia-related individual name.

JAPANESE BANKS

MIZUHO FINANCIAL GROUPE SUMITOMO MITSUI FINANCIAL GOUP

To protect themselves from potential Russian losses, two of Japan’s biggest banks have set aside $1.3 billion.

($1 = 0.9595 euros)

($1 = 0.9654 Swiss francs)

($1 = 0.9337 euros)