Goldman Sachs announces exit from Russia. Citigroup, the most exposed of the US banks, evaluates the option

Goldman Sachs is the first US bank to leave Russia. The New York giant announced today its intention to close its operations in the country in response to the nation’s invasion of Ukraine. “Goldman Sachs is closing its business in Russia,” the company said in one declaration sent by e-mail. “We focus on supporting our customers all over the world in the management or extinction of pre-existing obligations in the market and in ensuring the safety of our personnel “. In the meantime, the bank continues to manage the trading of securities of Russian companies but, he assures, not for speculative purposes.

At the end of 2021, the bank’s exposure to Moscow was 650 million dollars. Earlier this month the bank began transferring some of its Moscow-based staff to Dubai. Yesterday Citigroup, another US banking giant, said it was evaluating the options available for a withdrawal from the country. Citigroup has branches in about ten Russian cities and an overall exposure on the country of approx 10 billionthe largest among the stars and stripes which overall are exposed for about fifteen billion dollars.

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About David Martin

David Martin is the lead editor for Spark Chronicles. David has been working as a freelance journalist.

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