Rating agency Moody’s notes that banks in the GCC region do not face spill over effects arising out of the Russia-Ukraine military conflict. Its cited the risks as “low” with limited impact on credit profiles. This is due to GCC banks’ ” high capital buffers, solid profitability and improving economic conditions”, it added. Among banks, those in the Baltics and in the Commonwealth of Independent States (CIS) are the most vulnerable due to their proximity to the Russian economy. Besides, European, African and Turkish banks, aircraft lessors, non-life insurers, US non-bank residential mortgage lenders and business development companies were among the highest risk businesses under its downside scenario.
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