Western banks still operating in Russia are preparing to lose $10 billion collectively as they pull out of the country, a report says

Western banks that are still operating in Russia could lose a lot of money.

The story was reported by the Financial Times.

According to some calculations, banks that are planning to close their Russian operations, which collectively have $86 billion of exposure in Russia, are setting aside more than $10 billion in expected losses.

Businesses and banks are being forced to cease operations in Russia because of international sanctions.

Italian lender UniCredit set aside over a billion dollars as it could face a loss in Russia. UniCredit has been doing business for 17 years and has 4,000 workers and 2 million customers.

The two French banks have set aside over half a billion dollars. The sale of Soci's entire stake in the bank to an investment company was announced last month.

Raiffeisen has 4.2 million customers and 9,400 staff in Russia. The bank set aside $24 million.

Credit Suisse, which is being sued by a US law firm over claims related to Russian oligarchs, said it lost $211 million because of the invasion.

The largest exposure to Russia by a US lender could lead to a loss of up to 3 billion dollars. $1 billion was set aside last month.

Jamie Dimon warned that the company could lose up to $1 billion. Goldman said it lost $300 million on investments in Russia and Ukraine. The banks announced in March that they were shutting down their businesses in Russia.

Insider reached out to all the banks but did not get a response.