JPMorgan unwinding business operations in Russia

By Ovunc Kutlu

ANKARA (AA) - JPMorgan said Thursday it is actively unwinding business operations and not pursuing any new business in Russia, “in compliance with directives by governments around the world.”

"Current activities are limited, including helping global clients address and close out pre-existing obligations; managing their Russian-related risk; acting as a custodian to our clients; and taking care of our employees," a company statement said.

"The firm previously announced its commitment of a total of up to $5 million to support humanitarian relief efforts including an employee contribution match. Our commitment will support organizations to provide emergency food, housing and medical services to those in need," the statement added.

JPMorgan became another major American financial services firm on Wall Street that announced it is winding down operations in Russia as Goldman Sachs has also announced so earlier.

Russia's war on Ukraine, which began Feb. 24, has drawn international condemnation and reacting to the outcry a number of global companies have temporarily severed business ties with Moscow.