Western Banks’ exposure to Russia shrinks to Cold-War levels | World Business War
Amid escalating tensions over Ukraine, Western Banks are swiftly reducing their presence in Russia due to sanctions, marking a retreat not seen since the Cold War. The financial fallout, triggered by geopolitical conflicts, has led to a significant drop in Western Banks’ exposure to Russia. Simultaneously, Chinese banks are seizing the opportunity, capitalising on increased Yuan-denominated trade with Russia and positioning themselves as formidable players in the global financial landscape.
Credit to : WION