The investment bank Goldman Sachs announced Thursday that it is suspending its activities in Russia, thus becoming the first large Wall Street bank to announce a measure that has already been previously adopted by numerous multinational companies.
“Goldman Sachs phases out its business in Russia in compliance with regulatory requirements”, he noted in a brief written statement. “We focus on supporting our clients around the world to manage or close their previous obligations in the market and ensure the well-being of our people.”.
The presence of Goldman Sachs in Russia it is not significant in its global figures -US$ 650 million in credit risk at the end of 2021, according to the Bloomberg agency- but its departure is symbolic for becoming the first large bank to do so, which could cause a cascade of movements similar from other entities, as has happened with companies from other areas in recent days.
Most US banks have a modest presence in Russia, most notably Citigroup, which has 3,000 employees in its Russian offices and at the end of 2021 had $9.8 billion in loans, assets and venture capital.
Yesterday, Citi Group said he is “evaluating“its operations in Russia”on a more limited basis”, but specified that they are “supporting corporate clients, including many American and European multinational companies that we are helping to suspend or cancel their businesses.”
Yesterday, the Kremlin accused United States to declare “an economic war” against Russia – referring mainly to the ban on Russian oil and gas announced by President Joe Biden – and his spokesman Dmitry Peskov stated that “this makes the situation very difficult and forces us to think seriously (about the consequences)”.
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
