(Bloomberg) -- UBS Group AG is seeing a hit of about $100 million related to its exposure to Russia as the Swiss bank winds down its business in the nation after the invasion of Ukraine.

The Zurich-based lender has exposure of about $400 million as of the end of the first quarter, down from $600 million at the end of the year. The $100 million impact stems from derivatives, failed settlements and provisions against receivables, Chief Financial Officer Kirt Gardner told reporters on Tuesday. 

The bank also warned of “settlement risk on certain open transactions with Russian bank and non-bank counterparties or Russian underlyings, which may result in unexpected increases in exposures.”

UBS has halted new business in Russia, where it has about 70 people, although there are exemptions in the sanctions for Russian citizens that live in the European Union and in Switzerland, ex-Chairman Axel Weber said in an interview with Bloomberg Television late last month. He said the bank has been reducing its business both on the collateral and client side “tremendously” since January because of the tensions.

Zurich competitor Credit Suisse Group AG said last week that its results would be adversely affected by about $200 million related to its exposure to the impact of the invasion on its counterparties and credit risks. 

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