UNITED States investment bank Goldman Sachs announced that it will pull out of Russia, becoming the first Wall Street institution to distance itself from Moscow after its invasion of Ukraine.

Disney, which halted movie releases in Russia, also said it will withdraw other products, as more American businesses express outrage over the conflict.

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” said a spokesman for the company.

“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.”

According to its latest annual report, the company’s exposure to Russia stood at US$650 million (RM2.7 billion) at the end of last year, with the vast majority tied to claims by private actors and borrowers.

Goldman Sachs did not give any detail about the number of employees working in the country.

Citing “the unrelenting assault on Ukraine and escalating humanitarian crisis”, Disney said it will “pause all other businesses in Russia”, including “content and product licensing, Disney Cruise Line activities (and) National Geographic magazine and tours”.

Citigroup – a major US bank that has a total exposure to Russia of US$9.8 billion as of the end of December – said it is “assessing our options” in the country.

Last year, the company announced that it will seek to sell its retail banking operations in Russia.

“As we work towards that exit, we are operating that business on a more limited basis given current circumstances and obligations,” said global public affairs executive vice-president Edward Skyler.

“We are supporting our corporate clients in Russia, including many American and European multi-national corporations who we are helping as they suspend or unwind their business.”

JPMorgan Chase in a statement said it has “been actively unwinding Russian business and has not been pursuing any new business in Russia”, noting that the big US bank has committed up to US$5 million to support humanitarian relief efforts.

Consumer products firm Kimberly-Clark said it has “implemented significant adjustments to our business” in Russia, particularly by “suspending all media, advertising and promotional activity” and stopping investments at a factory in the country.

“Given rapidly changing conditions, we will keep our operations under review,” said the company in a statement. – AFP, March 11, 2022.