Deutsche Bank to wind down in Russia, reversing course after backlash

Deutsche Bank joins the ranks of Goldman Sachs and JPMorgan Chase. It earlier argued it needed to support multinational firms doing business in Russia. RussiaUkraineCrisis

Deutsche had resisted pressure to sever ties, arguing that it needed to support multinational firms doing business in Russia.“We are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations,” the bank said.A day earlier, Deutsche Bank’s chief executive Christian Sewing explained to staff why the bank was not withdrawing.

Bill Browder, an investor who has spent years campaigning to expose corruption in Russia, said that Deutsche Bank staying was “completely at odds with the international business community and will create backlash, lost reputation, and business in the West.” The criticism came as Russian forces bearing down on Kyiv were regrouping northwest of the Ukrainian capital and Britain said that Moscow could now be planning an assault on the city within days.

, many of whom faced sanctions and that the relationship, where it involved criminal Russian activity, had to end.in recent years. This week it disclosed 2.9 billion euros in credit risk to the country, and said exposure is “very limited.”

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