Deutsche Bank to Exit Russia, Says There Will Be No New Business There – Finance Bitcoin News

Germany’s Deutsche Bank has become the latest financial services giant to confirm it’s leaving Russia over Moscow’s military assault on Ukraine. Since Russia annexed Crimea in 2014 and when the conflict in Eastern Ukraine broke out, the bank has tried to minimize its Russian exposure.

Amid Ongoing War in Ukraine, Deutsche Bank Pulls Out of Russia

Deutsche Bank, Germany’s largest banking institution, is scaling down operations in the Russian Federation. In a statement, the bank revealed its decision. posted on Twitter late on Friday, condemning Russia’s invasion of Ukraine.

The financial conglomerate reaffirmed its support for the German government and its allies in “defending our democracy and freedom.” It also reminded it had already substantially reduced its exposure to the Russian market since 2014.

DB stated that the bank, like other banks in the sector, is adhering to legal and regulatory obligations. It will now close its Russian business while assisting non-Russian clients with efforts to decrease their operations in Russia. It added:

There won’t be any new business in Russia.

Deutsche Bank’s exit follows similar moves by major American investment banks Goldman Sachs and JPMorgan Chase. Citigroup is the U.S. bank that has the largest Russian exposure. It’s also limiting its consumer business operations.

Meanwhile, according to Reuters, Austria’s Raiffeisen Bank International is also considering a decision to leave the Russian Federation. The sources cited in the report did not provide further information.

As a result of mounting sanctions on Russia including the removal of some Russian banks from SWIFT and other financial institutions being cut off, payment providers such as Western Union and Paypal suspended payments to Russian users. American Express, Visa Mastercard, and Mastercard also stopped operations in Russia. Concerns that Moscow might use crypto assets as a way to bypass sanctions have been addressed by the Western allies.

Are you concerned that other European banks may also leave the Russian market. Comment below to share your hopes and fears.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.