TOKYO -- Japan's top banks face the prospect of having to set aside billions of dollars in loss provisions for their exposure to Russia as the declining ruble and the financial turmoil there raise default risks.
Russia accounts for less than 1% of outstanding credit at each of the three banking groups, as they have steered clear of new lending there since the 2014 invasion of Crimea. But together they still had more than $8 billion in exposure to the country before the invasion of Ukraine.
