International banking

Deutsche Bank's wealth management business has stopped accepting new Russian clients living abroad, joining other lenders in reducing business with the country’s rich.

In response to the war in Ukraine, the custody bank is no longer pursuing new business in Russia. Citigroup, JPMorgan Chase and Goldman Sachs have all announced similar moves.

European banks trying to decide whether and how to leave Russia in the wake of the invasion of Ukraine are finding that extracting themselves will be slow, costly, and may come with a reputational price no matter what they do.

European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyberattacks following the invasion of Ukraine.

Deutsche Bank reversed course and is now joining Wall Street banks Goldman Sachs Group and JPMorgan Chase in pulling back from business in Russia following the country’s invasion of Ukraine.

Thousands of staff, billions of dollars and three decades of complicated relationships. Some of the world’s largest banks are starting to pull back from Russia, but it’s not going to be easy.

JPMorgan Chase is actively unwinding its Russia business, joining Goldman Sachs Group in pulling back in response to the country’s invasion of Ukraine last month.

Germany has emerged as the main roadblock to broaden European Union sanctions against Russia by targeting the country’s biggest bank and its energy sector. 

Sberbank said it’s looking at the possibility of issuing cards using the Russian payments system Mir and China’s UnionPay after Visa and Mastercard suspended operations following the invasion of Ukraine. 

A portion of Goldman Sachs Group’s Russia staff is relocating out of the country as firms react to a global effort to shut off the Russian economy after the invasion of Ukraine.