The share of foreign capital held in Russian banks dropped to 7%as of Jan. 1, down from 9% a year earlier, the Bank of Russia said on Thursday.

Sweeping Western sanctions on Russia's financial system in response to Moscow sending its army into Ukraine in February 2022 has limited foreign investment and involvement in Russia.

Non-residents' investments in Russian banks were estimated at 236.9 billion roubles ($2.58 billion) at the start of 2024, down from 368.6 billion roubles a year earlier, the central bank said. ($1 = 91.9925 roubles) (Reporting by Elena Fabrichnaya Writing by Alexander Marrow Editing by David Goodman )