On 24 March 2022, the Bank of England (BoE) published its latest Financial Policy Summary and Record.
Among other things the BoE note that Russia’s invasion of Ukraine is increasing economic uncertainty and will increase pressure on borrowers. For example, sustained increases in energy prices resulting from the conflict are likely to put pressure on household incomes and business earnings. The BoE also states that the UK banking sector remains resilient to a wide range of severe scenarios and that UK banks have low direct exposures to Russia.