FRANKFURT, Germany: After facing strong criticism from some investors and politicians for its ongoing ties to Russia, Deutsche Bank said that it would wind down its business throughout Russia. Deutsche Bank will follow Goldman Sachs and JPMorgan Chase, which were the first major U.S. banks to leave Russia after Moscow’s invasion of Ukraine. Before reversing course on March 11, Deutsche Bank argued that it needed to support multinational firms doing business in Russia, as it resisted pressure to sever ties. “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. There will not be any new business in Russia,” Deutsche said. Earlier, Christian Sewing, Deutsche Bank’s Chief Executive, explained to staff why the bank was not withdrawing, stating, “The answer is that this would go against our values. We have clients who cannot exit Russia overnight.” Bill Browder, an investor who has spent years campaigning to expose corruption in Russia, said Deutsche’s initial decision was “completely at odds with the international business community and will create backlash, lost reputation and business in the West.” “I would be surprised if they are able to maintain this position, as the situation in Ukraine continues to deteriorate,” he told Reuters. Fabio De Masi, former member of the Bundestag and a prominent campaigner against financial crimes, said Deutsche Bank had close ties to the Russian elite, many of whom faced sanctions and were involved in criminal activities. The U.S. Department of Justice has investigated Deutsche Bank for trades that authorities claimed were used to move $10 billion out of Russia, which has led to the bank being fined nearly $700 million.
Deutsche Bank agrees to end business in Russia after Ukraine invasion
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