Goldman Sachs Will Be Wall Street’s First Bank to Exit Russia

Goldman Sachs is set to become the first major U.S. bank to exit Russia following its invasion of Ukraine.

The bank announced Thursday it was taking steps to wind down its operations in Russia.

“Goldman Sachs (ticker: GS ) is winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman spokesperson said in an emailed statement. “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”

The move by Goldman is part of a larger exodus of Western corporations from Russia, as Western allies levy heavy sanctions on the country after it invaded Ukraine at the end of February.

Goldman is the first major Wall Street bank to pull out of Russia. Citigroup (C) on Wednesday had said it was operating its consumer banking business in Russia on a “more limited basis” while it pursued previously announced plans to exit the business. The bank said it was supporting corporate clients as they suspended operations in Russia.

“With the Russian economy in the process of being disconnected from the global financial system as a consequence of the invasion, we continue to assess our operations in the country,” said a statement from Citi.