One day after its chief financial officer stated it wasn’t “realistic” to close the subsidiary, Deutsche Bank announced Friday that it was shutting down its activities in Russia.
In an email, Dylan Riddle, a U.S.-based spokesperson for the German bank, said, “Like some international peers and in line with our legal regulatory obligations, we are in the process of winding down our remaining business in Russia while we assist our non-Russian multinational clients in reducing their operations.”
He stated, “There will be no new business in Russia.”
The move by Deutsche Bank, Germany’s largest bank by assets, comes after rival investment banks Goldman Sachs and JPMorgan Chase announced on Thursday that they were closing their Russian business.
In the wake of President Vladimir Putin’s invasion, technology corporations, energy industries, and retail brands have announced their exit from Russia.
After Russia’s annexation of Crimea drove global financial firms to minimize their presence in the nation, Deutsche Bank announced it has “significantly” reduced its exposure to Russia since 2014.
“As we’ve said before, we strongly condemn Russia’s invasion of Ukraine and stand with the German government and its allies in preserving our democracy and freedom,” Riddle added.