“Like some worldwide friends and consistent with our authorized and regulatory obligations, we’re within the means of winding down our remaining enterprise in Russia whereas we assist our non-Russian multinational shoppers in lowering their operations,” Deutsche Financial institution mentioned in an announcement late Friday.
It is not clear what sparked the reversal from Deutsche Financial institution, which mentioned earlier this week it has “restricted” publicity to Russia, with gross mortgage publicity of about $1.5 billion. That is greater than twice the quantity of publicity Goldman Sachs indicated it has.
“As we’ve repeatedly mentioned, we condemn the Russian invasion of Ukraine within the strongest potential phrases and assist the German authorities and its allies in defending our democracy and freedom,” Deutsche Financial institution mentioned in its assertion.
Deutsche Financial institution mentioned it has “considerably diminished” its Russian publicity since 2014.
In early 2017, Deutsche Financial institution was hit with greater than $600 million in penalties over a $10 billion Russian money-laundering scheme that concerned its New York, Moscow and London branches.