How Much Money Is at Stake for Russian Banks?

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There's probably at least 45 Western banks still with some kind of operation in Russia. The biggest one being the Sarsi Generali from France is cost about 3.3 billion euros to exit. There aren't too many Russian businesses or individuals wealthy enough to buy these banks, which aren't on Western sanctions lists.

Brazil and Argentina will this week announce that they are starting preparatory work on a common currency, advisers to western banks trying to exit Russia say a law introduced by Vladimir Putin is disrupting sales and allowing deals to be hijacked, and Elon Musk faces tough choices to meet financial obligations of his Twitter takeover financed by $13bn in debt.

Mentioned in this podcast:

Brazil and Argentina to start preparations for a common currency

Western banks struggle to exit Russia after Putin intervention

Looming Twitter interest payment leaves Musk with unpalatable options

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

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