U.S. Banks are facing massive write-offs following their exit from Russia. Citigroup is one of the banks with the largest disclosed exposure to Russia. Some banks have performed well despite Russian exposure thanks to rising interest rates. As earnings season starts off, all eyes are on major U.S. banks who have emerged from the pandemic into a brand new reality that has Russia’s war on Ukraine as its centerpiece, flanked by sanctions, withdrawals, inflation, and talk of recession. U.S. banks were among the first Western banks to exit the Russian market following the invasion in late February. Even though U.S. banks started winding down their presence in Russia after Vladimir Putin annexed Crimea in 2014, according to the Bank for International Settlements Russian entities owe U.S. banks $14.7 billion. Chances are, they will have to write off most of that. American banks’ exposure to Russia represents less than 1% […]