UniCredit and BNP Paribas detail hefty Russian exposures as markets rebound

MILAN/LONDON – Italy's UniCredit and France's BNP Paribas were the latest banks to set out their Russian exposures, warning of billions of euros in potential costs from the financial fallout from Moscow's invasion of Ukraine. Banks, insurers and asset managers have been scrambling to distance themselves from Russia and assess their exposures after Moscow was hit with heavy sanctions by the West in the wake of the invasion of Ukraine that began last month. Russia calls its actions in Ukraine a "special operation." BNP Paribas has also cut off its Russia-based workforce from its internal computer systems as it seeks to bolster its defenses against any potential cyberattack, a source with direct knowledge of the matter told Reuters. The French lender is believed to be the first major bank to have excluded staff in Moscow from its IT networks.