U.S. banks' embryonic initiatives in Russia were dealt a setback Monday as the government devalued the ruble, halted payments on its debt, and placed a 90-day moratorium on some foreign debt payments.

American banks had a combined $7.68 billion in cross-border and local country exposure in Russia as of March 31, up 19% from $6.47 billion at yearend, according to data from Brown Brothers Harriman and the Federal Financial Institutions Examination Council.

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