In its annual report for 2021, the bank revealed a gross credit exposure to Russia of EUR 1.54 billion. Sanctions placed on Russian businesses and individuals following the country’s invasion of Ukraine means that it is uncertain if these parties will be able to pay back their international loans.
The EUR 1.54 billion is Credit Suisse’s gross exposure, although its net exposure is somewhat smaller at EUR 829 million. The net sum takes into consideration the bank’s collateral and financial hedges that helped mitigate risk. Neither the gross nor the net sum includes the EUR 190 million worth of assets that Credit Suisse holds in Russia, which could also be affected by sanctions.
In the past few months, Credit Suisse has had to deal with several scandals, including a leak alleging business dealings with international drug lords and corrupt regimes.
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