Bank / Credit Union

Deutsche Bank reverses Russian policy

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March 15, 2022

Deutsche Bank has officially announced it will shut down business in Russia due to the ongoing invasion of Ukraine. This is a reversal from last week when CFO James von Moltke said it was "not practical" to close shop in Russia, according to a report by CNBC.

After this announcement, the bank's shares rose more than 8%.

"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," the bank said in a statement. "There won't be any new business in Russia."

Previously, von Moltke had claimed that leaving Russia wouldn't be "the right thing to do in terms of managing those client relationships and helping them to manage their situation." However, the bank experienced severe criticism for this stance, as various other financial institutions ranging from Mastercard to JPMorgan Chase and Goldman Sachs have ceased operations in the country.