Direct exposures of foreign banks to Ukraine are modest at $11 billion

Direct exposures of foreign banks to Ukraine are relatively small: as of the third quarter of 2021, foreign banks’ claims on Ukrainian residents amounted to $11 billion, according to the Global Financial Stability Report of the International Monetary Fund.

According to the report, concerning Russia, which unleashed the war, these risks of foreign banks are higher — $120 billion, 60% of which are in foreign currencies, but collectively they seem relatively modest. “The vast majority of these exposures were held by euro area banks,” the IMF said.

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