“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,” Deutsche Bank said in a late statement Friday.
It’s not clear what sparked the reversal from Deutsche Bank, which said earlier this week it has “limited” exposure to Russia, with gross loan exposure of about $1.5 billion. That’s more than twice the amount of exposure Goldman Sachs indicated it has.
“As we have repeatedly said, 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,” Deutsche Bank said in its statement.
Deutsche Bank said it has “substantially reduced” its Russian exposure since 2014.
In early 2017, Deutsche Bank was hit with more than $600 million in penalties over a $10 billion Russian money-laundering scheme that involved its New York, Moscow and London branches.