Swiss Bank UBS has reduced its assets (net exposure) in Russia in 2015 by 21.3% to 697 million Swiss francs ($720,2 million).
As explained in finorganizatsii, the assets represented by the portfolio of banking products (loans, guarantees, liabilities on loans) 217 million francs ($224,25 million) and portfolio securities and derivatives to 480 million francs ($496 million), according to RNS.
The Bank says that the Russian economy suffered from the sanctions, the negative consequences for public finances from lower oil prices and weak ruble. Local financial conditions remain difficult, added UBS.
