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Western banks brace for $10BN hit over Russian retreat as UniCredit boss says challenges ‘lie ahead’ for global economy over war in Ukraine

By Elizabeth Hearst for AMLi

Western banks are bracing themselves for an expected $10BN hit as they pull out of the Russian market, as a result of the country’s invasion of Ukraine. 

As a result of intense scrutiny and a litany of international sanctions, many western lenders have decided to shut up shop in Russia, and are prepared for heavy financial consequences. 

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