Goldman Sachs announces withdrawal from Russia
Goldman Sachs says it’s quitting the Russian market amid the Ukraine crisis, becoming the first major US bank to do so.
Goldman Sachs has decided to shut down its operations in Russia, becoming the first major Wall Street bank to quit the country after Western governments imposed heavy economic sanctions on Moscow over the Ukraine crisis.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the bank said on Thursday 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 well-being of our people.”
Goldman has had a presence in Russia since 1998 and reportedly worked on some of the country’s most significant financial transactions, including a $4-billion initial public offering by VTB Bank and major lending packages for energy giants Gazprom and Rosneft. The investment bank will continue to facilitate trades of Russian debt securities, but it will no longer operate in the country or underwrite financial offerings.
“In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate,” Goldman said.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the bank said on Thursday 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 well-being of our people.”
Goldman has had a presence in Russia since 1998 and reportedly worked on some of the country’s most significant financial transactions, including a $4-billion initial public offering by VTB Bank and major lending packages for energy giants Gazprom and Rosneft. The investment bank will continue to facilitate trades of Russian debt securities, but it will no longer operate in the country or underwrite financial offerings.
“In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate,” Goldman said.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
