Goldman Sachs said it is exiting Russia in the wake of the country's invasion of Ukraine and coordinated sanctions leveled against the country, businesses and individuals, led by the United States and the European Union.
It is the first US bank to announce an exit from Russia following the invasion.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a bank spokeswoman said in a statement. “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people.”
Goldman brought in US$19.5m in fees from investment banking in Russia last year, ranking seventh in fee tables across debt and equity underwriting, M&A advisory and syndicated loans, according to Refinitiv data.
Goldman had a better year in 2020, when it ranked second in the fee table after bringing in US$57.7m in fees from Russian deals, swelled by US$54.8m from ECM deals.
US rival JP Morgan ranked second in investment banking fees from Russia last year. The bank declined to comment on its next steps in Russia. Morgan Stanley and Citigroup followed, ranking fourth and fifth.
Citi said on Wednesday it was continuing its previously announced efforts to exit its consumer banking business in Russia. That effort, however, may be bogged down by sanctions.
“As we work toward that exit, we are operating that business on a more limited basis given current circumstances and obligations,” said Citi executive vice president for global public affairs Edward Skyler.
“We are also supporting our corporate clients in Russia, including many American and European multinational corporations who we are helping as they suspend or unwind their business. With the Russian economy in the process of being disconnected from the global financial system as a consequence of the invasion, we continue to assess our operations in the country.”