With Russia’s invasion of Ukraine entering its third week, multinational companies and banks continue to move to de-Russia. Goldman Sachs announced its withdrawal from Russia for the first time among Wall Street banks on the 10th (local time).
According to Bloomberg News, Goldman Sachs announced in an e-mail statement that “it will end its business in Russia in compliance with regulations and licensing requirements.”
JP Morgan, the largest U.S. bank, also issued a statement, saying, “We are actively organizing our business in Russia under the instructions of governments around the world,” adding, “We will not push for any new business in Russia.”
However, compared to European banks, U.S. banks have a smaller proportion of Russian businesses, so the burden of withdrawal is unlikely to be large. As of the end of last year, Goldman Sachs’ risk exposure (risk exposure) was $650 million, accounting for a very small portion of its total assets of 1.5 trillion, the New York Times said. JP Morgan also has a small proportion of Russian businesses, with fewer than 200 employees in charge of corporate finance and investment finance in Moscow.
The three major labels in the music industry also declared their participation in the move to escape Russia. Following Universal Music on the 8th, Sony Music and Warner Music announced the suspension of their business in Russia this morning. According to the U.S. entertainment media Variety, Sony Music said, “We urge Ukraine to stop peace and violence,” adding, “We will suspend operations in Russia.” Warner Music also announded that they will suspend operations in Russia, including investment, development, promotion, marketing and production of physical products.” All three of these companies are expected to donate to support Ukraine’s relief efforts.
Meanwhile, as representative multinational companies continue to boycott Russia, companies that turned 180 degrees from the existing position of staying in the Russian market have also emerged. Earlier, Japanese fashion brand Uniqlo said it would continue its local business, saying, “Russians also have the right to wear clothes,” while global clothing companies such as H&M and Zara announced their withdrawal from their business in Russia after Russia’s invasion of Ukraine. However, Fast Retailing, the parent company of Uniqlo, said in a statement on the 10th that it will suspend its business in Russia.
