Deutsche Bank has become the latest financial services behemoth to announce its exit from Russia in the wake of Moscow’s military assault on Ukraine. Since 2014, when Russia acquired Crimea and the crisis in Eastern Ukraine started to fester, the bank has been lowering its Russian exposure.
Deutsche Bank Decides To Leave Russia:
Deutsche Bank, Germany’s largest financial institution, is reducing its presence in Russia. The bank revealed its decision in a late-Friday statement on Twitter, criticizing Russia’s invasion of Ukraine.
The banking conglomerate underlined its commitment to “defending our democracy and freedom” with the German government and its allies. It further stated that since 2014, it has significantly decreased its exposure to the Russian market.
In addition, global investment banks Goldman Sachs and JPMorgan Chase have lately announced that their operations in Russia are coming to an end. The action comes as western sanctions against Russia over its decision to launch a military strike against Ukraine continue to grow, with major financial institutions backing them up.
DB stated that, like others in the industry, it is currently winding down its residual business in Russia while aiding its non-Russian clients in their attempts to limit their activities in the sanctioned nation, in accordance with legal and regulatory duties. It went on to say: In Russia, there will be no new business.
Following in the footsteps of large American investment banks Goldman Sachs and JPMorgan Chase, Deutsche Bank has announced its withdrawal. Citigroup, the largest US bank with a presence in Russia, is also reducing consumer business activities there.
Conversely, according to Reuters, Raiffeisen Bank International, based in Austria, is considering exiting the Russian Federation. The story cited unnamed persons with knowledge of the situation but did not go into further depth.
Payment and remittance companies such as Western Union, Paypal, Remitly, and Revolut ceased services for Russian consumers as a result of growing sanctions against Russia, including the exclusion of several of its institutions from SWIFT. In addition, Visa, Mastercard, and American Express have suspended operations in the nation. Concerns that Moscow would exploit crypto assets to escape sanctions have also been addressed by Western partners.
