UBS has revealed it has $10mn of loans outstanding to clients hit by western sanctions imposed in response to Russia’s invasion of Ukraine.
The Swiss lender also announced in its annual report on Monday morning that it has around $200mn of exposure to Russian assets used as collateral in Lombard lending, which are loans secured against a portfolio of liquid assets like equities and bonds, and other secured financing.
The world’s biggest wealth manager said that its direct risk exposure to Russia was $634mn at the end of 2021, out of its total emerging market exposure of $20.9bn.
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