Deutsche Bank to Wind Down Russia Business

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The logo of Deutsche Bank is seen on their headquarters in Frankfurt am Main, western Germany on Feb. 4, 2021. (Armando Babani/AFP via Getty Images)

FRANKFURT—Deutsche Bank said on Friday that it would wind down its business in Russia.

Deutsche had faced criticism from some investors and politicians on Friday for its ongoing ties to Russia after saying that leaving would go against its values, as other banks cut off ties.

“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 on Friday.

“There won’t be any new business in Russia.”

Reuters

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