Deutsche Bank winds down remaining business in Russia over Ukraine invasion.
The bank has been reducing its Russian exposure since 2014 when Russia annexed Crimea and the conflict in Eastern Ukraine erupted.Deutsche Bank, Germany’s largest banking institution, is scaling down operations in the Russian Federation. The bank announced its move in a statementThe financial conglomerate reaffirmed its support for the German government and its allies in “defending our democracy and freedom.
DB noted that like others in the sector, abiding by legal and regulatory obligations, the bank is now winding down its remaining business in Russia while assisting its non-Russian clients in efforts to reduce their operations in the sanctioned country. It also insisted:by major American investment banks Goldman Sachs and JPMorgan Chase. Citigroup, the U.S. bank with the biggest Russian exposure, is limiting consumer business operations there as well.
Meanwhile, according to Reuters, Austria’s Raiffeisen Bank International is also considering a decision to leave the Russian Federation. The report quoted sources familiar with the matter without providing more details.
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