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During the first quarter, Bank of America Corp
<BAC.N> cut its net exposure to Russia by 22 percent to $5.2
billion, most of which was in the form of loans to Russian
energy companies and banks, the company said in a Thursday
filing with the U.S. Securities and Exchange Commission.
"The situation remains fluid with potential for further
escalation of geopolitical tensions, increased severity of
sanctions against Russian interests, and possible Russian
counter-sanctions," the second largest U.S. bank said in its
filing.
JPMorgan Chase & Co's <JPM.N> exposure to Russia declined by 13
percent to $4.7 billion, placing it outside the company's list
of its top 20 country exposures, the bank said on Friday in a
quarterly filing with the SEC.
Citigroup Inc's <C.N> exposure to Russia declined by 8.7 percent
to $9.4 billion during the three months through the end of
March, according to a Friday quarterly filing with the SEC. In
the same period, the Russian ruble depreciated 8.3 percent
against the U.S. dollar and an index of Russian stocks fell 9
percent, Citigroup said.
The International Monetary Fund on Wednesday slashed its
forecast for Russia's 2014 GDP growth from 1.3 percent to 0.2
percent, citing Ukraine-related sanctions as a risk factor.
JPMorgan said it was closely monitoring the impact of any
current and future sanctions as well as possible contagion
effects or potential credit downgrades that could influence
other parts of the bank's business.
U.S. President Barack Obama and German Chancellor Angela Merkel
warned on Friday of additional sanctions against Russia if it
interferes with Ukraine's planned May 25 elections.
(Reporting by Peter Rudegeair and David Henry in New York;
Editing by David Gregorio)
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