Goldman Sachs and JPMorgan to exit Russia

Goldman Sachs and JPMorgan Chase, two of the world’s largest investment banks, are exiting the Russian Federation.

The move comes as western sanctions against Russia over its decision to start a military invasion of Ukraine continue to grow, with major financial institutions backing them up.

Goldman Sachs Group and JPMorgan Chase have become the first large American banks to announce their exit from Russia, a process that might take months, if not years, according to industry experts.

Their choices come after the imposition of extraordinary sanctions against Moscow in response to its armed assault on Ukraine’s neighbour. Banking institutions are finding it more difficult to operate in the Russian Federation as a result of the financial limitations.

While European banks are more exposed to Russia, according to data from the Bank of International Settlements, U.S. institutions are also affected, with a total exposure of $14.7 billion.