On Friday (March 11), Deutsche Bank joined institutions that are withdrawing from Russia. In this case, there was a sharp change of decision. Earlier, there were official voices from DB that he planned to stay there. This, however, is no longer relevant.
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“Like some international partners, in line with our legal and regulatory obligations, we are in the process of closing our business in Russia, while we are helping our non-Russian international clients to limit their activities, “Deutsche Bank said in a Friday communiqué quoted by CNN Business.
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See also: The economic situation in Russia. “Cards and rationing? Probably yes”
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Banks are turning away from Putin’s regime
Deutsche Bank also said it would not pursue “any new operations in Russia”. Changing the approach is associated with losses. DB has estimated its credit exposure in Russia at approximately USD 1.5 billion gross. He adds that involvement in the country decreased after 2014, when Putin’s regime attacked Crimea.
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CNN Business reminds you that in early 2017 Deutsche Bank has been charged more than $ 600 million in fines for $ 10 billion in money laundering in Russiain which its branches in New York, Moscow and London were involved.
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“As we have said many times, with all firmness we condemn the Russian invasion of Ukraine and support the German government and its allies in the defense of our democracy and freedom“- convinces Deutsche Bank in its statement.
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