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Ukraine war

Japan, U.S. and Europe banks risk losses from $150bn Russia exposure

Citigroup, Raiffeisen and MUFG among top lenders

The war in Ukraine is forcing banks to reckon with their exposure to Russia.   © Reuters

TOKYO -- Banks across Japan, the U.S. and Europe are staring down potentially big losses from their Russian operations, as sanctions and an exodus of global companies dim the prospects of recouping a combined $150 billion in debt owed by the country and businesses.

"Our loans in Russia essentially are in default," said an executive at one of Japan's megabanks.

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