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Goldman Sachs Group Inc. is leaving Russia following the nation’s invasion of Ukraine and subsequent sanctions imposed on Russia by the U.S. and its allies.

The New York-based investment bank is the first major Wall Street institution to pull out of Russia in a move that will put pressure on other banks to cut ties with Moscow in the near future.

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the bank said in a statement Thursday. “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”

Earlier this year, Goldman Sachs said that it had $650 million of credit exposure to Russia, a small fraction of the bank’s international investments.

Punishing Western sanctions against Russian financial institutions have greatly complicated multinational banks’ ability to do business in the country and prompted them to wind down their relationships with Russian banks. 

Most U.S. banks have a small presence in Russia, with a total exposure of around $25 billion. Citigroup Inc. has the largest footprint with nearly $10 billion in exposure. The company said Wednesday that it is assessing its future in the country and operating its Russian consumer bank “on a more limited basis given current circumstances and obligations.”

Bloomberg News first reported on Goldman’s plans Thursday. 

Banks are the latest industry to flee Russia after iconic American brands such as McDonald’s, Disney, Apple and Coca-Cola severed ties with Moscow. Financial firms, including Visa and Mastercard, have also pulled out.

Hundreds of American companies have withdrawn from Russia and joined much of the international community in condemning the Kremlin’s violent invasion of Ukraine.

Tags Apple Banks Citigroup Coca-Cola Disney Goldman Sachs invasion Mastercard McDonald’s Russia sanctions Visa

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