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Goldman Sachs and JP Morgan become first of the big US banks to exit Russia

Goldman Sachs and JP Morgan yesterday became the first major Wall Street banks to pull out of Russia, following its invasion of Ukraine.

With Goldman leading the way, it is expected that others will follow, as Russia is accused of war crimes.

Currently more than 330 firms have either exited or significantly cut back their operations in Russia, according to researchers from Yale.

The Ukrainain central bank governor Kyrylo Shevchenko called on the Western Union to “cease deliveries of cash to Russian and Belarusian banks”, in an interview with the BBC earlier today.

Consumers outside of Ukraine have begun to threaten boycotts of businesses and banks that fail to cut their ties with the country.

More than 1,700 HSBC customers have so far threatened to switch provider as the bank keeps up its investments in Russian oil and gas giants.

Just last week, the London Stock Exchange blocked 27 Russia-linked firms, including Gazprom, Rosneft and Lukoil after investors rushed to cut ties with Russia.

Energy heavyweight’s BP and Equinor have already divested in Rosneft, as fund manager Abrdn also tries to offload its £5m stake in the state-backed oil company.

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