By Christina Rexrode
Bank of America Corp. continues to cut its exposure to Russia
amid increasing political tension in the region.
The bank said in a regulatory filing late Tuesday that its net
exposure to Russia stood at $3.94 billion, down more than 40% from
$6.72 billion at the end of December and down from $5.21 billion at
the end of March.
The bank repeated language it used in a regulatory filing in
early May, citing geopolitical tension caused by "Russian
intervention in Ukraine." The U.S. and the European Union adopted
broad economic sanctions against Russia on Tuesday, including
against its banks and oil industry.
Bank of America said its exposure to Russia is concentrated in
oil and gas companies and commercial banks. It said its exposure to
Ukraine is "minimal."
At the start of the year, Russia was No. 11 on the bank's list
of foreign countries as measured by exposure. It has now dropped to
No. 17.
Write to Christina Rexrode at christina.rexrode@wsj.com
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