Goldman Sachs to wind-down and exit Russia operations

Goldman Sachs became the first major Wall Street bank to pull out of Russia on Thursday, in response to the country’s violent and unprovoked invasion of Ukraine.

The bank said it was winding down its business in Russia, in accordance with the relevant regulatory and licensing rules.

It came after Goldman disclosed a credit exposure to Russia of $650m (£495.06m).

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the bank said in a statement quoted by Reuters.

Among other big US banks with operations in the country, JPMorgan had not yet revealed any plans for its subsidiary.

Citigroup, meanwhile, said on Wednesday that it would run its consumer business in Russia on an arm's-length basis as it looked to divest it.