Goldman Sachs has said that it will shut down its business in Russia, making it the first major Wall Street bank to do so in response to the invasion of Ukraine. Western Union, the world’s largest money transfer company, has recently announced that it will cease operations in Russia and Belarus. The companies are among a slew of international businesses that have halted operations in Russia. Uniqlo’s owner did a U-turn and chose to halt operations in the country earlier on Thursday.
Due to international sanctions against Russia, operating in Moscow has become increasingly difficult for Western financial institutions and other businesses.
According to Yale academics who have been tracking the corporate response, more than 330 companies have withdrawn or drastically reduced their activities in the country in recent days.
Goldman Sachs announced on Thursday that it would be “winding down” its operations in Russia rather than leaving immediately. The bank stated that it was acting in accordance with “regulatory and licensing standards.”
Goldman Sachs’ total credit exposure in Russia was $650 million (£496 million) at the end of 2021.
Later Thursday, JP Morgan Chase, another Wall Street behemoth, announced that it was “actively unwinding Russian business,” with actions centered on taking care of employees and assisting worldwide clients in managing risk and closing down obligations. Meanwhile, Western Union stated that it “stands with the rest of the world in denouncing Ukraine’s aggressive and unjustifiable invasion.”