SocGen says Russia exposure 18.6 billion eur, can cope if stripped of Russian assets

French lender Societe Generale on Thursday said its exposure to Russia stood at 18.6 billion euros ($20.65 billion), and that it could cope if stripped of Russian assets.

“The Group has more than enough buffer to absorb the consequences of a potential extreme scenario, in which the Group would be stripped of property rights to its banking assets in Russia,” the group said in a statement.

The French bank said its exposure consisted of 15.4 billion euros within its Russian unit SG Russia, and 3.2 billion euros outside Russia, it said.

The bank “continues a detailed monitoring of the situation in Ukraine and Russia”, it said.

“Societe Generale complies rigorously with legislation in force and diligently applies all necessary measures to strictly observe international sanctions”, the bank added.

Shares in Societe General, one of Europes most active banks in Russia, have fallen sharply after the Ukraine war triggered massive international sanctions.

($1 = 0.9007 euros)