Goldman Sachs and JP Morgan become first Wall Street giants to exit Russia
Goldman Sachs and JP Morgan yesterday became the first Wall Street heavyweights to pull out of Russia, following its invasion of neighbouring Ukraine.
With Goldman leading, it is expected that others will follow, as Russia is accused of war crimes.
More than 330 firms have either exited or significantly cut back their operations in Russia in recent days, according to researchers from Yale.
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 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 banks, as the bank keeps up its investments in Russian oil and gas giants, City A.M. has revealed today.
The London Stock Exchange last week 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.