Deutsche Bank has set out plans to wind down its operations in Russia.
The move follows strong criticism from some investors and politicians who disapproved of the bank’s ongoing ties with the country.
Deutsche Bank said in a statement on 11 March 2022: “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.
“To clarify: Deutsche Bank has substantially reduced its Russian exposure since 2014. 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. There won’t be any new business in Russia.”
According to Reuters, the announcement comes several days after chief executive Christian Sewing explained to staff the bank was not withdrawing from the country, as pulling out would have gone “against our values” since it has “clients who cannot exit Russia overnight”.