European banking gambles more than 100,000 million euros in Russia

Russia’s invasion of Ukraine has no brake or expiration date and threatens to destroy the economic recovery that began after overcoming the worst moments of the pandemic. All sectors suffer the consequences: skyrocketing and homeless energy, raw materials with skyrocketing prices at origin, paralyzed tourism, the industry with a threat of paralysis due to a new lack of components, investment markets in free fall throughout the planet and banking down, with billions in loans and investments paralyzed in Russia and with multimillion-dollar losses on the stock market.

Several sectors are suffering in their prices. Airlines, hotels, tourism and banking are those that are having the worst time. Specific, the five big spanish banks (CaixaBank, Santander, BBVA, Sabadell and Bankinter) They have registered strong falls in the Ibex35 day since the Russian invasion began and they subtract almost 12% from their values, which translated into money is close to 12,500 million euros, despite the recovery of the last two sessions. These declines are due both to the slowdown in the long-awaited rate hike and to the extension of the bond purchase period. These large banks have lost almost half of what they earned in the last six months and the forecasts are that they will continue to fall, with no bottom in sight for the time being.

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