Since 2014, when Russia annexed Crimea, the bank has been working to reduce its Russian exposure.
Amid Ongoing War in Ukraine, Deutsche Bank Pulls Out of Russia
Deutsche Bank, Germany’s largest bank, has decided to reduce its operations in Russia. The bank posted a statement to Twitter late Friday condemning Russia’s invasion in Ukraine.
The financial conglomerate reiterated its support for Germany’s government and allies in “defending democracy and freedom”. It also reminded that it had significantly reduced its Russian market exposure since 2014.
DB stated that the bank, like other banks in the sector, is adhering to legal and regulatory obligations. It is currently winding down its business in Russia and assisting non-Russian clients with efforts to reduce operations in Russia. It added:
Russia won’t have any new businesses.
Deutsche Bank’s exit follows similar moves made by JPMorgan Chase and Goldman Sachs, two of the largest American investment banks. Citigroup, the U.S. Bank with the largest Russian exposure, has also restricted consumer business operations.
According to Reuters, Austria’s Raiffeisen Bank International has also been reported to be considering leaving the Russian Federation. The report cited sources who were familiar with the matter but did not provide any further details.
In the face of increasing sanctions against Russia, which include cutting some of its banks SWIFT from, payment and remittance provider like Western Union and Paypal suspended services for Russian customers. American Express and Visa also stopped operations in Russia. Concerns that Moscow might use cryptocurrency assets in order to avoid sanctions have been addressed by the Western allies.
