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

Economy Mar 14, 2022 20:16
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© Reuters. A cash-in-transit worker leaves a currency exchange office in Saint Petersburg, Russia February 28, 2022. REUTERS/Anton Vaganov

NEW YORK (Reuters) - Global companies, banks and investors so far have disclosed nearly $131 billion in exposure to Russia, company statements show. That number could rise in the coming weeks as more companies release detail.

Here is a breakdown of what we know so far as Western sanctions in response to Russia's invasion of Ukraine grip the Russian economy:

STOCKS AND BONDS - ESTIMATED $60 BLN FROM MUTUAL FUNDS AND ETFS

Overseas investors in Russia have tens of billions invested in the country's stocks and bonds, according to Morningstar data. U.S. asset managers including Capital Group and Vanguard disclosed large exposures, according to the most recent portfolio information available.

Disclosures cover a period starting September 2021 through to Feb. 25 this year. They total over $60 billion when considering the top 100 open-end funds and exchange-traded funds worldwide in terms of estimated U.S. dollar exposure to Russian securities, according to Morningstar data.

Of these, some of the biggest were Capital Group Companies Inc, one of the world's largest investment management companies, Vanguard and PIMCO.

DEBT SECURITIES - $79 BLN

JPM analysts said in a research note that foreigners own around $79 billion of Russia's debt securities, including local currency Offs, sovereign hard currency euro bonds and corporate hard currency eurobonds.

BANKS

Bank of International Settlements data https://stats.bis.org/statx/srs/table/B4?c=RU&p= show that foreign banks have exposure of $120 billion to Russia. The exposure of U.S. banks totals $14.7 billion, BIS data shows.

Name Exposure USN

Raiffeisen 22.85

Bank billion

Internatio euros ($25

nal billion)

Societe 18.6

Generale billion

euros

($20.5

billion)

Unicredit (MI:CRDI) 14.2

billion

euros

($15.7

billion)

Intesa (LON:0HBC) 5.57

Sanpaolo billion

euros ($6

billion)

Citigroup (NYSE:C) $10

Inc billion

Goldman $1.06 bln

Sachs

Group Inc

Credit 1.569

Suisse billion

Swiss

francs

($1.69

billion)

BNP 3 billion

Paribas euros

($3.3

billion)

in both

Russia and

Ukraine

Deutsche 2.9

Bank billion

euros

($3.20

billion)

UBS $634

million

OIL COMPANIES

Name Exposure USN

OMV AG 1.5-1.8

billion

euro($1.6-

$2.0

billion)

Exxon (NYSE:XOM) $4 billion

Mobil

Shell (LON:RDSa) $3 billion

Equinor $1.2

billion

ASSET MANAGERS AND FUNDS

Name Exposure USN

California $171.5

State million

Teachers'

Retirement

System

(CalSTRS)

BlackRock (NYSE:BLK) Less than

Inc $1 billion

Vanguard Russian

Group securities

account for

less than

0.01% of

client

assets.

Norway's $3 billion

Sovereign

Wealth

Fund

PensionDan Bond

mark holdings

worth $60

mln (says

sold all of

it).

Aviva (LON:AV)'s Less than

fund 0.1%

management exposure to

unit Russia

Invesco $3.6

Developing billion

Markets

Fund

Capital $8 billion

Group

Vanguard $7.8

billion

PIMCO $6 billion

Fidelity $4.49

billion

California $900 mln

Public

Employees'

Retirement

System

(CalPERS)

Source: (Company statements, Morningstar data, Reuters calculations)

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

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