Goldman Sachs Group Inc 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.

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

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

Bank of International Settlements data shows that U.S. bank exposure to Russia totals $14.7 billion.

Operating in Moscow is increasingly difficult for Western financial institutions amid international sanctions against Russia.

Citigroup Inc said on Wednesday it was operating its Russian consumer business on a more limited basis while sticking with its previous plans to divest the franchise.

Goldman Sachs did not give details about the number of employees working in the country.

Citigroup, another major US bank that had total exposure to Russia of $9.8 billion as of the end of December, said they were “assessing their options” in the country.

Last year, Citigroup announced it would seek to sell its retail banking operations in Russia.

Picture courtesy- Extensive SWOT Analysis of Goldman …iide.co

“As we work toward that exit, we are operating that business on a more limited basis given current circumstances and obligations,” said Edward Skyler, the bank’s executive vice president for global public affairs.

The Wall Street powerhouse has maintained a presence in Russia in recent years, but the country doesn’t amount to a meaningful portion of its global banking business. At the end of 2021, the firm’s total credit exposure to Russia was $650 million, most of which was tied to non-sovereign counterparties or borrowers.

While Goldman is exiting Russia, the firm is still trading corporate debt tied to the country without the bank itself making wagers on price movements, a representative said.

“In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate,” New York-based Goldman Sachs said in the statement. 

Goldman has already been moving some of its Moscow-based staff to Dubai, responding to requests by some of its Russian staff to work from a different location.  

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