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Deutsche Bank ends its activities in Russia – SABC News

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.

The move would allow the imposition of tariffs on Russian exports, including seafood, vodka and diamonds – in the latest blow to Russia’s struggling economy.

“Each of our nations will take steps to deny Russia most favored nation status. A Most Favored Nation status designation means that two countries have agreed to trade with each other under the best possible conditions with low tariffs, few trade barriers, and the highest possible imports allowed into the United States. We call these ongoing normal business relationships PNTR. But it’s the same thing. Revoking the PNTR for Russia will make it harder for Russia to do business with the United States. And doing so in unison with other nations that make up half of the global economy will be another blow to the Russian economy – it is already suffering badly from our sanctions.