ZURICH, March 10 (Reuters) - Credit Suisse on Thursday reported it had a net credit exposure to Russia of 848 million Swiss francs ($914 million) at the end of 2021 while it held net assets of 195 million francs in Russian subsidiaries.

Its year-end exposure included derivatives and financing exposures in its investment bank, trade finance exposures in its Swiss business and Lombard loans and other lending to wealthy customers via its International Wealth Management business.

"These net exposures have been reduced since the end of 2021," it said without elaborating.

Country credit risk exposures to Ukraine or to Belarus were "not material" as of the end of 2021.

"As of March 7, 2022, we had minimal total credit exposures towards specifically sanctioned individuals managed by our Wealth Management division," it added https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-update-russia-202203.html in a statement that condemned Russia's invasion of Ukraine.

"While we do not have a physical presence in Ukraine, we are committed to providing support to our colleagues and their families within the region," CEO Thomas Gottstein said.

"In purely financial terms, we have reviewed our positions and believe that the bank's exposure in relation to Russia is well-managed, with appropriate systems in place to address associated risks," the bank said in a statement.

Italy's UniCredit and France's BNP Paribas were the latest banks to set out their Russian exposures, warning of billions of euros in potential costs from the financial fallout from Moscow's invasion of Ukraine.

Credit Suisse rival UBS's direct exposure to Russia made up $634 million of its total emerging market exposure of $20.9 billion at the end of 2021, the bank said on Monday.

($1 = 0.9278 Swiss francs) (Reporting by Michael Shields and Emma Thomasson; editing by Jason Neely)