A growing list of financial firms are looking to exit Russia, with Deutsche Bank DBKGn.DE, Goldman Sachs GS.N and JPMorgan Chase JPM.N winding down business there. Unicredit Chief Executive Andrea Orcel also said the economic environment had changed because of the Ukraine crisis and the bank was now assuming there would be stagflation - or a combination of low growth and high inflation. A default would add further pain to Russia's economy and financial system, making it harder for Moscow to find new lending sources and raising future borrowing costs, a U.S. Treasury official said late on Monday.