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Communication from the BCL on the Luxembourg financial system's financial interactions with counterparties resident in the Russian Federation
03.03.2022
The purpose of this communication is to inform about the financial interactions of the Luxembourg financial system with counterparties resident in the Russian Federation (Russia).
1 Banks
Based on provisional figures, the exposure of Luxembourg banks to counterparties resident in the Russian Federation amounts to some EUR 4.3 billion as at 31 December 2021, i.e. 0.45% of the total assets of Luxembourg banks, which amount to EUR 955 billion.
The following table provides an overview of the evolution of liabilities to residents of the Russian Federation for the main asset items of the balance sheet of Luxembourg banks.
Table: Breakdown of the exposure of Luxembourg banks to residents of the Russian Federation (EUR million)
It should be noted that some 5.6% of the total exposure to residents of the Russian Federation is denominated in Russian rubles (RUB); of the total volume of EUR 4 327 million, EUR 243 million is denominated in RUB.
Deposits made by residents of the Russian Federation with Luxembourg banks amounted to EUR 2 366 million as at 31 December 2021, as can be seen in the following table.
Table: Breakdown of the debts of Luxembourg banks to residents of the Russian Federation (EUR million)
2 investment funds
Luxembourg investment funds have an exposure of some EUR 18 billion to residents of the Russian Federation, i.e. 0.26% of the total assets of Luxembourg investment funds, which amount to 6 908 billion euros. In this context, it should be noted that money market funds have no exposure to residents of the Russian Federation.
The following table provides an overview of the evolution of the exposure towards residents of the Russian Federation for the main asset items of the balance sheet of Luxembourg non-money market investment funds.
Table: Breakdown of the exposure of Luxembourg non-money market investment funds to residents of the Russian Federation (EUR million)
Finally, it should be pointed out that the total exposure to residents of the Russian Federation consists mainly of commitments denominated in Russian ruble; in fact, for a total volume of 18 255 million euros, 16 081 million euros are denominated in Russian ruble (RUB).
In addition, further bilateral data with the Russian Federation are available on the BCL website (https://www.bcl.lu/fr/statistiques/series_statistiques_luxembourg/index.html).
In particular, the public interested in bilateral data can refer to the following statistical tables:
- 09.06 International investment position of Luxembourg - geographic breakdown of portfolio investment assets held by Luxembourg residents
- 09.07 Geographic breakdown of the Direct investment positions according to Extended directional principle
- 11.14 Holdings of debt securities of credit institutions - by counterpart and country
- 13.13 Holdings of debt securities of money market funds - by counterpart and country
- 13.14 Holdings of debt securities of non money market funds - by counterpart and country
- 13.15 Holdings of equity (other than fund shares) of non money market funds - by country
- 16.05 Debt securities holdings of insurance corporations - by country and counterpart
- 16.06 Equity holdings of insurance corporations - by country and instrument
