On Thursday, Goldman Sachs Group Inc GS.N said it would close its Russia operations, becoming the first major Wall Street bank to withdraw from the country following Moscow’s invasion of Ukraine.
Operating in Moscow has become increasingly difficult for Western financial institutions amid international sanctions against Russia.
“Goldman Sachs is shutting down its business in Russia to comply with licensing and regulatory requirements,” the bank said in an emailed statement.
A source familiar with the situation said Goldman would cease operations instead of exiting them immediately. The source said that the loss due to the exit will be immaterial.
In its previous annual filing, the bank disclosed credit to Russia of $650 million.
Data from the Bank for International Settlements shows that US banks’ exposure to Russia totals $14.7 billion. Read full story
On Wednesday, Citigroup Inc CN said it was operating its consumer business in Russia on a more limited scale while keeping its previous plan to divest its franchisees. Read the full story Read the full story
Other US banks operating in Russia, including JPMorgan JPM.N, declined to comment on their plans.
(Reporting by Niket Nishant in Bengaluru and Matt Scuffham in New York; Additional reporting by David Henry; Writing by Megan Davies in New York; Editing by Anil D’Silva and Mark Porter)
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