Factbox: Stranded assets: How many billions are stuck in Russia?

NEW YORK, March 3 (Reuters) – Thus far world corporations, banks and buyers have introduced that they’ve publicity in some type to Russia of greater than $110 billion. That quantity might rise. Knowledge from analysis agency Morningstar, in the meantime, reveals publicity from worldwide funds to the tune of $60 billion in shares and bonds.

Here’s a breakdown of what we all know as far as Western sanctions grip Russia’s financial system in response to its invasion of Ukraine.:

STOCKS AND BONDS – ESTIMATED $60 BLN FROM MUTUAL FUNDS AND ETF

Abroad buyers in Russia have tens of billions invested within the nation’s shares and bonds, in accordance with Morningstar information. U.S. asset managers like Capital Group, Black rock and Vanguard disclosed massive exposures, in accordance with the newest portfolio data accessible to the analysis agency. learn extra

Disclosures cowl a interval beginning September 2021 by to Feb. 25 this yr. They complete over $60 billion when contemplating the highest 100 open-end funds and exchange-traded funds worldwide by way of estimated U.S. greenback publicity to Russian securities, in accordance with Morningstar information. learn extra

Of those, among the largest had been Capital Group Corporations Inc, one of many world’s largest funding administration corporations, Vanguard and PIMCO and BlackRock. learn extra

DEBT SECURITIES – $79 BLN

JPM analysts stated in a analysis be aware that foreigners personal round $79 billion of Russia’s debt securities, together with native foreign money Offs, sovereign arduous foreign money euro bonds and company arduous foreign money eurobonds.

BANKS – AROUND $78 BLN EXPOSURE DISCLOSED

Financial institution of Worldwide Settlements data present that overseas banks have publicity to the tune of $120 billion to Russia. In Europe, Italian and French banks have the most important Russian publicity, representing simply over $25 billion every on the finish of September, the info says. The publicity of U.S. banks totals $14.7 billion, in accordance with BIS information.

Of those who have introduced publicity:

Raiffeisen Financial institution Worldwide RBIV.VI general Russian publicity totalled 22.85 billion euros ($25 billion), greater than half regarding the company personal sector, it stated in its 2021 outcomes presentation. learn extra

Societe Generale, which controls Russian financial institution Rosbank, had 18.6 billion euros ($20.5 billion) of general publicity to Russia on the finish of final yr – or 1.7% of the group complete.

Unicredit (CRDI.MI) UniCredit’s general publicity to Russia totalled 14.2 billion euros ($15.7 billion) as of mid-2021. That features 8 billion euros in loans prolonged by its Russian arm. learn extra

Intesa Sanpaolo ISP.MI Italy’s largest financial institution, mortgage publicity to Russia was 5.57 billion euros ($6 billion) on the finish of 2021, or 1.1% of the full. learn extra

Of the U.S. banks, Citi introduced complete publicity of almost $10 billion. learn extra

As a comparability, Goldman Sachs Group Inc GS.N reported in a submitting final month $293 million in web publicity to Russia, in addition to a complete of $414 million of market publicity as of December 2021.

EXXON MOBIL – $4 BLN EXPOSURE

Exxon Mobil (XOM.N) on Tuesday stated it might exit Russia oil and gasoline operations that it has valued at greater than $4 billion and halt new funding on account of Moscow’s invasion of Ukraine. learn extra

BP – $25 BLN EXPOSURE

BP introduced it was abandoning its stake in Russian oil large Rosneft. Rosneft accounts for round half of BP’s oil and gasoline reserves and a 3rd of its manufacturing and divesting the 19.75% stake will lead to fees of as much as $25 billion, the British firm stated. learn extra

SHELL – $3 BLN EXPOSURE

Shell (SHEL.L) will exit all its Russian operations. Shell stated the choice to exit Russian joint ventures will result in impairments. Shell had round $3 billion in non-current property in these ventures in Russia on the finish of 2021, it stated. learn extra

NORWAY’S SWF – $3 BLN EXPOSURE

Norway’s sovereign wealth fund, the world’s largest, has written off the worth off the roughly $3 billion in property it held in Russia. The fund held investments in Russia value some 27 billion crowns ($3.0 billion) on the finish of 2021, equal to 0.2% of its complete worth, however now seemingly value 2.5 billion crowns. The fund’s Russian property consisted of shares in 51 corporations on the finish of 2021. Essentially the most useful stakes had been in gasoline producer Gazprom , financial institution Sberbank (SBER.MM) and oil agency Lukoil (LKOH.MM), which collectively accounted for two-thirds of the full. learn extra

“They’re just about written off,” CEO Nicolai Tangen later instructed Reuters on Thursday, after Norway’s authorities instructed the fund to promote the property.

CALSTRS – $171.5 MLN

The California State Academics’ Retirement System (CalSTRS), the second-largest U.S. pension fund, stated on Wednesday the worth of its holding in Russia as of the tip of February was $171.5 million.

CALPERS – $900 MLN

CalPERS, which manages the most important U.S. public pension fund, stated late on Thursday that the fund had round $900 million of publicity to Russia, however no Russian debt. learn extra

Reporting by Reuters correspondents globally; Extra reporting by Davide Barbuscia in New York and Gwladys Fouche in Oslo; Compiled by Megan Davies
Edited by Alistair Bell

: The Thomson Reuters Trust Principles.