Goldman Sachs and JPMorgan Unwinding Russia Businesses

Goldman Sachs Group Inc. and JPMorgan Chase & Co announced they were unwinding their Russian businesses, becoming the first major U.S. banks to exit following Russia's invasion of Ukraine and putting pressure on rivals to follow. Operating in Russia has become harder for Western financial institutions due to international sanctions against that country. While European banks are the most highly exposed to Russia, U.S. banks still have significant exposure, totaling $14.7 billion, according to a story in Reuters news. "Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said. JPM said in a statement: "In compliance with directives by governments around the world, we have been actively unwinding Russian business and have not been pursuing any new business in Russia." Current activities are limited, and it is helping global clients address and close out pre-existing obligations, manage Russian-related risk, act as a custodian to clients and take care of employees, JPM said.