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JPMorgan chairman chief executive Jamie Dimon has warned that the bank could lose about $1bn over time from its Russia exposure.

In his annual letter to shareholders, Dimon said that the bank was concerned about the secondary and collateral impact of Russia sanctions on companies and countries.

He did not state a timeline for the bank’s possible Russia losses.

Following Russia’s military aggression on Russia and subsequent sanctions by the US and its allies, JPMorgan restricted its Russia activities, where it employs less than 100 staff.

Dimon said in the letter: “JPMorgan Chase has also played its part in the implementation of the Western world’s policies and sanctions regarding Russia. Of course, we are following both the letter of the law and the spirit of all the American and allied sanctions, working hand in hand with governments to implement complex policies and directives, and then some.”

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According to Dimon, the sanctions are quite different from navigating a financial crisis or a severe recession.

It includes sanctioning individuals, including their ownership of assets and companies, as well as reducing exposures across multiple products and services and analysing and stopping billions of dollars of payments as directed by governments among other actions, he said.

Dimon also called upon the US to scale up its military presence in Europe and urged the country to develop a plan to ensure energy security for itself and its European allies.

Last week, UBS’ outgoing chairman Axel Weber said that he sees no prospects for international banks in Russia even if there is a cease-fire.

Last month, BlackRock CEO Larry Fink observed that Russia’s ongoing military invasion of Ukraine could potentially accelerate digital currencies.