First Goldman Sachs, and then JPMorgan Chase, announced yesterday (10 March) their planned withdrawal from operating in Russia, following similar moves by a swathe of other high-profile names across the international financial services industry in response to the widespread sanctions regime.
"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said according to multiple media reports of an emailed statement.
"We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people."
Goldman Sachs was said to be looking at moving some of its Moscow-based staff to Dubai according to reports earlier this week.
JPMorgan later circulated a statement saying that it had already started to exit Russia.: "In compliance with directives by governments around the world, we have been actively unwinding Russian business and have not been pursuing any new business in Russia."
Although European banks are said to have done most business with Russia, US banks still have significant exposure of around $14.7bn, according to Bank of International Settlements data.
International Investment reported on 8 March that Magic circle law firm Freshfields had cut ties with VTB Bank as more exited Russia.
