Banks' outstanding cross-border claims changed little overall in the fourth quarter of 2021. Their year-on-year growth rate slowed to 1.6%. Cross-border claims on emerging market and developing economies (EMDEs) increased by $103 billion, mainly vis-à-vis Latin America and Africa and the Middle East. Cross-border claims on Russia were about $90 billion at end-2021, down markedly from 2014. Banks in Europe account for most of the outstanding claims. Issuance of international debt securities continued to drive growth in global foreign currency credit to non-bank borrowers.