Russia Investment Banking Fees Evaporate as Sanctions Halt Deals

Goldman Sachs Group Inc. and Citigroup Inc. are among securities firms that have seen Russian investment banking commissions evaporate this year as sanctions and the country’s economic slump bring business to a halt.

Banks collected $70 million advising on Russian mergers and securities sales through May 31 compared with $178 million in the same period last year, according to data from Freeman & Co., a New York consulting firm. Deutsche Bank AG, the biggest foreign investment bank in the country, earned $1 million down from $16 million a year ago, while UBS Group AG, Goldman Sachs and Citigroup saw fees drop to zero in the period.