One day after its chief financial officer said it wasn't practical to shutter the unit, the bank said Friday that it was winding down its operations in Russia.
Like some international peers, we are 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 move byDeutsche Bank, the biggest German bank by assets, follows announcements Thursday that rival investment banks were winding down operations in Russia. Technology companies, energy firms and retail brands have said they are leaving Russia.
After Russia annexed the peninsula of Crimea, global financial firms reduced their presence in the country.
As we have repeatedly said, we condemn the Russian invasion of Ukraine and support the German government and its allies in defending our democracy and freedom.
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