Goldman Sachs says it will end operations in Russia

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March 10 (UPI) — Goldman Sachs Group Inc. confirmed Thursday it plans to close its banking operations in Russia because of the attack on Ukraine, the first major bank to leave since the invasion.

The total credit exposure in Russia for Goldman Sachs amounted to $650 million at the end of last year.

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“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the company told Bloomberg. “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”

The announcement by Goldman Sachs is the latest of major corporations that are either closing or significantly limiting their work with Russia since the invasion, including Apple and Google Pay formats, Visa, Mastercard along with McDonald’s and Starbucks.

Citigroup told CNN on Wednesday that it plans to exit its consumer business in Russia. It said it would support its corporate clients in Russia, including many American and European multinational corporations, as they suspend or unwind their business there.

Ukrainian security personnel inspect a Russian shell that destroyed a residential building in Mykolaiv, southern Ukraine, on March 9, 2022. Photo by Ukrainian State Emergency Service/ UPI | License Photo