Deutsche Bank vows no new business in Russia

Deutsche Bank AG said Friday it will not take on any new business in Russia. “Like some international peers and in line with our legal and regulatory obligations, 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 in a prepared statement. The bank also said it has already “substantially reduced” its Russian exposure since 2014. “As we have repeatedly said, we condemn the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom.” Deutsche Bank’s action comes a day after similar announcements from Goldman Sachs Group Inc. and JPMorgan Chase & Co. . The statement by Deutsche Bank comes a day after the bank’s CFO James von Moltke told CNBC it did not plan to close its Russian business. Shares of Deutsche Bank fell 3.1% on Friday, compared to a loss of 0.6% by the S&P 500.

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