Support The Moscow Times!

Goldman Sachs Becomes First Big U.S. Bank to Leave Russia

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

U.S. investment bank Goldman Sachs on Thursday announced it would pull out of Russia, becoming the first Wall Street institution to distance itself from Moscow after its invasion of Ukraine.

"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," a spokeswoman for the company said. 

"We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people."

According to its latest annual report, the firm's exposure to Russia stood at $650 million at the end of 2021, with the vast majority tied to claims by private actors and borrowers. 

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

Citigroup, another major U.S. bank which had a 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, the Citigroup announced it would seek to sell its retail banking operations in Russia.

"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.

"We are also supporting our corporate clients in Russia, including many American and European multi-national corporations who we are helping as they suspend or unwind their business."

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more