BRUSSELS (dpa-AFX) - Julius Baer(JBAXY.PK), a Swiss private lender, said on Monday that it has been reducing all of its activities in Russia due to ongoing Russian invasion in Ukraine and the U.S. led economic sanctions against its incursion.
The company said its market risk exposure to Russia is not significant and is managed well.
The net asset value of the Group's arm Julius Baer CIS Ltd. in Moscow amounts to CHF 0.4 million as of December 31.
The collateral value of Russian assets, including those traded on markets outside of the country, was reduced to zero in February, the company said.
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