Goldman Sachs becomes the first major Wall Street bank to cut ties with Russia since the invasion of Ukraine

• Goldman Sachs is shutting down its operations in Russia, becoming the first major US bank to do so.
• The company said the move was "in compliance with regulatory and licensing requirements."

Goldman Sachs said on Thursday that it will be shutting down its operations in Russia, making it the first major Wall Street bank to cut ties with the country since its invasion of Ukraine.

"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said in a statement to Insider.

"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."

Goldman Sachs' business in Russia was relatively small by the banking giant's standards, with company filings showing about $650 million of credit exposure at the end of 2021, Reuters reported.

Bloomberg previously reported that some bank staffers were relocated from Moscow to Dubai, at their request.

Coordinated financial sanctions by the US, EU, UK, and other nations are making it increasingly difficult to conduct business in Russia, and the ruble has been in freefall against the dollar since the invasion began.

This story is developing. Please check back for updates.