In response to Moscow’s invasion of Ukraine, Germany’s largest bank, Deutsche Bank, announced on Friday that it will close its business in Russia, joining other multinational companies.
“Like some international peers and in line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations. There won’t be any new business in Russia,” the bank said in a statement.
“We condemn the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom.”
It said that since Russia’s invasion of Crimea in 2014, it had “significantly decreased” its exposure in Russia.
In a prior statement, it estimated its total exposure to Russian loans to be 1.4 billion euros ($1.5 billion).
In Russia, Deutsche Bank maintains a technology center with 1,500 computer specialists.
The US banks Goldman Sachs and JPMorgan Chase are among the international corporations that have announced their exit from Russia.
On February 24, Russia invaded Ukraine, resulting in harsh international sanctions.