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JPMorgan is winding down its Russia operations amid enterprise exodus

JP Morgan CEO Jamie Dimon listens as he’s launched on the Boston Faculty Chief Executives Membership luncheon in Boston, Massachusetts, US, November 23, 2021.

Brian Snyder | Reuters

JPMorgan Chase, the most important US financial institution by property, is stepping away from Russia.

“In compliance with directives by governments world wide, we have now been actively unwinding Russian enterprise and haven’t been pursuing any new enterprise in Russia,” firm spokeswoman Tasha Pelio stated in an e-mail.

The financial institution’s dealings associated to Russia had been “restricted” to “serving to deal with international purchasers and shut out pre-existing obligations; managing their Russian-related danger; appearing as a custodian to our purchasers; and caring for our staff,” she added.

The Russian invasion of Ukraine has prompted international know-how, funds and retail firms to recoil from Russia amid US sanctions aimed toward making use of financial strain on the nation. JPMorgan’s transfer, reported earlier by Bloomberg, follows the announcement earlier Thursday that Goldman Sachs was exiting its enterprise within the nation.

JPMorgan has fewer than 200 staff in Russia, working largely within the agency’s company and funding financial institution, in response to the corporate.

Watch: PIMCO stands to lose billions if Russia defaults on its debt

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