Bank of America Continues to Slash Loans in Russia
By Christina Rexrode
Bank of America Corp. continues to cut its exposure to Russia amid increasing political tension in the region.
The bank said in a regulatory filing late Tuesday that its net exposure to Russia stood at $3.94 billion, down more than 40% from $6.72 billion at the end of December and down from $5.21 billion at the end of March.
The bank repeated language it used in a regulatory filing in early May, citing geopolitical tension caused by " Russian intervention in Ukraine." The U.S. and the European Union adopted broad economic sanctions against Russia on Tuesday, including against its banks and oil industry.
Bank of America said its exposure to Russia is concentrated in oil and gas companies and commercial banks. It said its exposure to Ukraine is "minimal."
At the start of the year, Russia was No. 11 on the bank's list of foreign countries as measured by exposure. It has now dropped to No. 17.
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