"It was part of our dealing with private placement investors, institutional investors, and there were absolutely no materials in there that were relevant from a sanctions perspective.", the request letters were sent during a week in which the U.S., U.K. and EU launched a fresh wave of sanctions against Russia over its unprovoked invasion of Ukraine.
"As everybody else, we are winding down our Russia business," he said, reiterating an announcement made last month.A sign above the entrance to the Credit Suisse Group AG headquarters in Zurich, Switzerland, on Monday, Nov. 1, 2021. Going forward, Gottstein said the bank would not be taking on"any new business, any new clients" from Russia, while also continuing to wind down its exposure to existing Russian clients.
"Our total exposure to Russian clients — that includes Russian clients all over the world, not only the Russian clients in Russia — and we have been reducing this by 56% in terms of our credit exposure," he said.Wednesday, in which it reported a net loss of 273 million Swiss francs . Russia-related losses accounted for 206 million Swiss francs of the losses, while the bank also took a hit of 155 million Swiss francs
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