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Wall Street’s Russia Pullback Unravels Decades of Work

  • Goldman Sachs says it is withdrawing from the country
  • Bankers, lawyers grappling with fast-changing sanctions
An image of Vladimir Putin at the Wall Street subway station in New York.

An image of Vladimir Putin at the Wall Street subway station in New York.

Photographer: Michael Nagle/Bloomberg
Corrected

Thousands of staff, billions of dollars and three decades of complicated relationships. Some of the world’s largest banks are starting to pull back from Russia, but it’s not going to be easy.

Goldman Sachs Group Inc. became the first to announce its withdrawal on Thursday, having already moved some Moscow-based staff to Dubai. JPMorgan Chase & Co. followed suit, saying it is actively unwinding its Russia business and currently engaging in limited activities in the country.