BofA Cut Russia Exposure in First Quarter Amid Ukraine Tensions

May 01, 2014 5:55 pm ET

May 1 (Bloomberg) -- Bank of America Corp., the second- largest U.S. lender, cut its net exposure to Russia by 22 percent in the first quarter amid mounting tensions with Ukraine.

Net country exposure to Russia fell to $5.2 billion as of March 31, Charlotte, North Carolina-based Bank of America said today in its quarterly regulatory filing. The firm’s risk was concentrated in oil and gas companies and commercial banks, according to the filing.

“Russian intervention in the Ukraine during the first quarter of 2014 significantly increased geopolitical tensions in Central and Eastern Europe,” the company said. “The situation remains fluid with potential for further escalation of geopolitical tensions, increased severity of sanctions against Russian interests, and possible Russian counter-sanctions.”