Deutsche Bank (DBKGn.DE) announced on Friday that it would end its activities in Russia.
Deutsche had come under scathing criticism from some investors and politicians on Friday for its continued ties with Russia after saying leaving would go against its values, as other banks cut ties.
“Like certain international peers and in accordance 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 scale down their operations,” the bank said Friday.
“There will be no new business in Russia.”
Meanwhile, President Joe Biden announced that the United States would suspend normal commercial relations with Russia, as part of the latest coordinated initiative with G7 and EU countries to punish Moscow for its military aggression in Ukraine.