(Reuters). – UniCredit SpA Citigroup (NYSE) have been exploring the possibility of asset swaps between Russian financial institutions in order to help western banks avoid large writedowns after they exit Russia.

UniCredit was approached by several Russian financial institutions in order to purchase its local affiliate. This is after Andrea Orcel, UniCredit’s chief executive, stated that the company had been considering leaving Russia.

Citigroup, a large bank based in America is one of the most internationally diversified. The bank provides global trade financing to companies and wealth management services to billionaires.

UniCredit accepted one offer by Interros group. This investment firm is owned by Vladimir Potanin. Potanin has been called Russia’s wealthiest man and an oligarch. However, Interros rejected the offer.

Citi has declined to comment. Interros and UniCredit didn’t immediately respond to Reuters inquiries for comment.

UniCredit highlighted its Russian exposure in March. It cited a loss of 7.4 billion euros in the worst case. The company confirmed the cash dividends it was paying and its plans to purchase back shares, with this plan being subject to a certain capital threshold.

Jane Fraser, Citi chief executive, stated last year that the bank would sell its Russia consumer business and a dozen other businesses she called too small. Many of these businesses have been sold by Citi since then.