Deutsche joins the ranks of Goldman Sachs and JPMorgan Chase, which were the first major US banks to exit after Moscow's invasion of Ukraine.Deutsche had resisted pressure to sever ties, arguing that it needed to support multinational firms doing business in Russia."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.
Bill Browder, an investor who has spent years campaigning to expose corruption in Russia, said that Deutsche Bank staying was"completely at odds with the international business community and will create backlash, lost reputation and business in the West." The criticism came as Russian forces bearing down on Kyiv were regrouping northwest of the Ukrainian capital and Britain said that Moscow could now be planning an assault on the city within days.
Deutsche Bank has said that it has pared down its Russian footprint in recent years. This week it disclosed €2.9 billion in credit risk to the country, and said exposure is"very limited".
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