Goldman Sachs leaves Russia because of Ukraine invasion

This can be a creating story. Examine again for updates.

Goldman Sachs says it’s exiting Russia, changing into one of many first main world funding banks to take action after the nation invaded its neighbor Ukraine final month.

The financial institution mentioned Thursday in an e-mailed assertion that it’s working to wind down operations in Russia.

“Goldman Sachs is winding down its enterprise in Russia in compliance with regulatory and licensing necessities,” mentioned a financial institution spokeswoman. “We’re centered on supporting our shoppers throughout the globe in managing or closing out pre-existing obligations out there and guaranteeing the wellbeing of our folks.”

Most large U.S. banks had modest operations in Russia, a geographically giant nation with a comparatively small financial system. Citigroup had the largest publicity as of year-end 2021 at $9.eight billion, in keeping with filings. Goldman was estimated to have $940 million in whole publicity, together with $650 million in credit score, or lower than 10 foundation factors of its whole belongings, according to Financial institution of America analysts.

With reporting from CNBC’s Jim Forkin.