Deutsche Bank backtracks on Russia, says it will end operations there

A Deutsche Bank AG flag flies outside the company’s office on Wall Street in New York.

Mark Kauzlarich | Bloomberg | Getty Images

Deutsche Bank said on Friday it was ending operations in Russia, a day after its chief financial officer said it was not “practical” to close the unit.

“Like certain international peers and in accordance with our legal regulatory obligations, we are in the process of ending our remaining business in Russia while we help our non-Russian multinational customers scale down their operations,” said Dylan Riddle, a spokesperson. based in the United States. for the German bank, said in an email.

“There will be no new business in Russia,” he said.

The move by Deutsche Bank, Germany’s largest bank by assets, follows news on Thursday that rival investment banks Goldman Sachs and JPMorgan Chase were winding down operations in Russia. Tech companies, energy companies and retail brands have said they are leaving Russia amid rising death tolls following President Vladimir Putin’s invasion.

Deutsche Bank said it had “substantially” reduced its exposure to Russia since 2014, after Russia’s annexation of Crimea prompted global financial firms to reduce their presence in the country.

“As we have said many times, we condemn the Russian invasion of Ukraine in the strongest terms and support the German government and its allies in defending our democracy and freedom,” Riddle said. .

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