Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
The Israeli Walla! website: We are running out of stockpiles, our forces are exhausted, and the lives of the captives are in danger. It is time for a ceasefire deal in Gaza.
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis
Al-Qassam Brigades: A NIMR armored personnel carrier carrying an Israeli soldier was targeted with an Al-Yassin missile north of Khan Younis
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes

Western banks reserve $10bln for expected losses after leaving Russia

  • By Al Mayadeen English
  • Source: Agencies
  • 7 May 2022 14:10
3 Min Read

Western banks are setting up the ground for their fall upon withdrawing from Russia, caused by the West's sanctions over the war in Ukraine.

  • x
  • A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs from Reuters archive (Reuters)
    A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs from Reuters archive (Reuters)

Western banks are allocating more than $10 billion in anticipated losses that they could sustain if they decide to leave Russia, as the West ups the gauge with sanctions on Moscow in order to increase pressure on the country, the Financial Times reported Saturday.

The sanctions imposed by the United States and its European allies on Moscow over the war in Ukraine have forced several West-based banks to look into withdrawing from Russia, the newspaper added.

In a bid to cushion their fall after their withdrawal, the banks are reserving more than $10 billion as a precaution, with the Italian banking group UniCredit - for example - allocating $1.37 billion to cover possible damage. The bank is still operating in Russia, but it warned that it could incur losses of $5.6 billion if it suspends its operations in the country.

Read more: How sanctioning Russia may be futile

 

Related News

Supreme Court clears fast-track deportations to random third countries

China-US trade falls 10.4% in H1-2025 to $289.36 billion

Nearly 1,000 companies have publicly announced over the past two months - since the start of the Ukraine war -  that they were voluntarily reducing their activities in Russia by either scaling down their businesses or shutting down their operations in the country. These corporations include banks and financial enterprises such as Goldman Sachs, JPMorgan, American Express, Deutsche Bank, and many others.

JPMorgan had taken a hit with $524 million in losses linked to the bank's commodities and the sanctions imposed on Russia, which included $120 million in trading losses related to nickel.

Investment baking fees dipped 31%, with equity underwriting plummeting 76%, marking its worst quarter in the better half of a decade.

With the US implementing its bid to reduce surging inflation with the Fed spearheading stricter policies, the bank's CEO, Jamie Dimon, said markets will get much worse in the coming months.

The reasons behind the withdrawal from Russia include fears of secondary sanctions, which would complicate interaction with Russian banks due to their disconnection from the SWIFT international payment system or their reputation taking a hit.

In response, the US and its allies have rolled out comprehensive sanctions, including restrictions on the Russian central bank, export control measures, SWIFT cutoff for select banks, and closure of airspace to all Russian flights. Many of their companies have suspended their Russian operations.

The status-quo and the US sanctions on Russia have weakened US citizens' purchasing power and heavily impacted the economic situation in the country, causing fuel prices to soar, with US oil prices reaching their all-time high following a ban on Russian fuel exports.

  • United States
  • JPMorgan
  • Russia
  • Sanctions on Russia
  • Ukraine
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS