Goldman Sachs becomes first major Wall St bank to quit Russia

Operating in Moscow has been increasingly difficult for Western financial institutions 

Goldman Sachs Group Inc (GS.N) said on Thursday it was closing its operations in Russia, becoming the first major Wall Street bank to exit the country following Moscow's invasion of Ukraine.

Qazet.az reports that operating in Moscow has been increasingly difficult for Western financial institutions amid international sanctions against Russia and banks have been weighing whether to remain or leave. While European banks are the most highly exposed to the country, U.S. banks still have significant exposure, totaling $14.7 billion according to Bank of International Settlements data.

"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said in an emailed statement.

A source familiar with the situation said Goldman would wind down the operations rather than exit them immediately. The loss due to the exit would be immaterial, the source said.

In its annual filing earlier, the bank had disclosed a credit exposure to Russia of $650 million.