Japan's largest banks lose more than $2.7 billion due to sanctions

Japan's top three banking groups, Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, ​​lost more than 350 billion yen (more than $2.7 billion) in fiscal 2021, which ended in March, due to sanctions against RUSSIA, Japanese TV channel NHK reported.

Thus, Mitsubishi UFJ lost a total of 140 billion yen ($1.08 billion), and Sumitomo Mitsui - 100 billion yen ($773.7 million). Mizuho's losses are estimated at 116.1 billion yen ($898.3 million). Most of the losses are caused by the fact that bank customers cannot repay loans issued to them under the influence of sanctions restrictions.

Together, the banks allocated about 1 trillion yen (more than $7.7 billion) for projects related to Russia, the channel notes. This amount includes unused credit lines and other financing.

Earlier, the Japanese authorities introduced several packages of sanctions against Russian individuals, state institutions and enterprises. The restrictions affected President Vladimir Putin. Also, many Russian politicians, businessmen and the Central Bank of the country fell under the sanctions. Sanctions were imposed on the largest credit institutions, including Sberbank and Alfa-Bank. Tokyo also banned certain groups of goods from being exported to Russia and investing in the country.