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Deutsche Bank pulls out of Russia

BERLIN (AFP) – Germany’s biggest lender Deutsche Bank said on Friday it was following other international companies in shutting down its operations in Russia in protest of Moscow’s invasion of Ukraine.

“Like some international peers and in line with our legal and regulatory obligations, 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 won’t be any new business in Russia,” the bank said in a statement.

“We condemn the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom.”

It said it had already “substantially reduced” its exposure in Russia since 2014, when Russia invaded Crimea. It said in a previous statement it valued its gross exposure to loans in Russia at EUR1.4 billion.

Deutsche Bank also has a technology centre in Russia employing 1,500 computer specialists.

Among other international companies to have announced they are quitting Russia are the United States (US) banks Goldman Sachs and JPMorgan Chase.

Russia invaded Ukraine on February 24, sparking heavy international sanctions.

People walking past the Deutsche Bank entrance. PHOTO: AFP