S&P Global in its examination of the Middle East and African banking sectors’ exposure to Russia and Ukraine said that in those two regions, only the Turkish and Tunisian banking sectors are most likely to suffer from negative indirect effects of the war. South African, Saudi, and United Arab Emirates banks will remain relatively insulated. According to Fin24 S&P does expect credit conditions to become tighter in South Africa as the SARB continues to hike rates but says banks will benefit from this interest rate up-cycle as it will increase their net interest margins.