Here’s the western bank most exposed to Russia and potential sanctions

The analysts said an exclusion from the SWIFT bank messaging system and disallowing conversions of ruble to hard currency could drive material further downside. Although Russia has developed an alternative payment system, the initial shock to the Russian economy would be large, the analysts said.

By market share, Citi is the only American bank with a sizeable presence, at 0.6% of the Russian market by assets.

Financials stocks more broadly helped European equities recover Tuesday in a choppy trading session.

The Stoxx Europe 600 rose 0.6% to 459.18, with Ericsson and Logitech rallying after well-received results.

Of the major regional indexes, the German DAX gained 0.4%, the French CAC 40 increased 0.9% and the U.K. FTSE 100 increased 0.9%.

Orpea shares slumped for a second day, losing 19% after a 16% slide on Monday. Le Monde published extracts from a book alleging negligent practices at nursing homes run by the company, allegations the company denies.