Goldman Sachs winding down business in Russia

By Ovunc Kutlu

ANKARA (AA) - Goldman Sachs said Thursday it is winding down its business in Russia in compliance with regulatory and licensing requirements.

"We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people," the New York-based multinational investment bank and financial services company said in a statement.

Goldman Sachs is the first major American financial services firm on Wall Street that announced it is winding down operations in Russia.

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.