Goldman Sachs Becomes First Wall Street Bank to Leave Russia

Goldman Sachs said Thursday (Feb. 10) it has suspended its business in Russia, becoming the first major US banking group to leave that country after its war with Ukraine, and increasing pressure on its rivals to follow suit.

Operating in Russia has become increasingly difficult for Western financial institutions with international sanctions imposed on Moscow, which has prompted banks to consider staying or leaving.

Although European banks are the most exposed to Russia, US banks, according to the data of the Bank for International Settlements, still have a large exposure totaling 14.7 billion dollars.

Three informed sources told Reuters that following the Russian war on Ukraine last month, about half of the Goldman Sachs staff was moved in Moscow to Dubai, and the bank had about 80 employees working in Moscow.

The bank announced in its annual statement that the credit exposure in Russia is $650 million, and Goldman Sachs shares fell 2.8% to $325.97 in midday trading, and by the close of Wednesday, March 9, the bank’s shares had fallen 12.8% this year.