GENEVA: Swiss financial institution UBS stated Monday it has underneath $10 million of loans exceptional to purchasers topic to sanctions imposed over Russia’s invasion of Ukraine. The financial institution stated its publicity to Russia totalled $200 million. In an annual record, the financial institution stated its “present direct publicity to Russia, Ukraine and Belarus is proscribed.” UBS stated it recognized “a small choice of World Wealth Control purchasers topic to the just lately offered sanctions, with general loans exceptional of underneath $10 million.”

Historically impartial Switzerland closing week aligned itself with EU sanctions towards Russia over the February 24 invasion of Ukraine and ordered the freezing of Russian property. Director common Ralph Hamers and chairman Axel Weber stated in a letter to shareholders that “we’re running to enforce sanctions imposed by means of Switzerland, the USA, the EU, the United Kingdom and others-all of that have introduced exceptional ranges of sanctions towards Russia and sure Russian entities and nationals.

“Those occasions, in conjunction with counter-sanctions and different measures taken by means of Russia, can have ongoing results at the markets and the worldwide economic system,” UBS warned, whilst “present geopolitical tensions additionally would possibly result in greater chance of cyberattack from international state actors.” UBS has up to now reported a web benefit for 2021 at $7.5 billion, regardless of the financial institution taking a $861 million hit associated with the fallout from closing yr’s cave in of US hedge fund Archegos. Through comparability Swiss rival Credit score Suisse booked a $5.5 billion hit. – AFP