February 7, 2023

Dubai Week

Complete Dubai News World


Goldman Sachs and JV Bank. P. Morgan withdrew from Russia

D + D – Normal size

Goldman Sachs and JPMorgan became the first US banks to besiege Russia after a military operation in Ukraine.

In light of the international sanctions imposed on Moscow, Western financial institutions have found it difficult to operate in Russia, prompting banks to consider the possibility of staying or leaving.

While European banks have been more exposed to Russia, US banks still have $ 14.7 billion in large exposure, according to data from the Bank for International Settlements.

“Goldman Sachs has completed its business in Russia in accordance with regulatory requirements and licensing procedures,” Goldman Sachs said in an email statement.

According to a source familiar with the matter, in the absence of anonymity, the bank will gradually stop its business instead of leaving immediately and any losses will be “non-material”.

A few hours later, JPMorgan said he was “actively working to dissolve Russian businesses” and did not want to engage in any new business there.

The bank, the largest lender in the United States, has limited its operations in Russia to assist global customers in settling and completing existing obligations and managing the risks that their investments face and operate in Russia. Guardian of the property of its customers.

JPMorgan had about 160 employees in Moscow.

Following the start of Russian military operations in Ukraine last month, three informed sources said that half of the Goldman Sachs staff in Moscow had been transferred to or from Dubai. The bank had about 80 employees working in Moscow.

The bank announced in its annual report that credit exposure in Russia was $ 650 million.

See also  "Unjust discrimination" .. The South African president speaks after the appearance of Omigran