![]() ![]() Earlier this week, within hours of each other, Coca-Cola, PepsiCo, Starbucks and McDonald's said they would suspend business in Russia. ![]() Goldman follows a wave of other major non-bank companies that have exited Russia or suspended their business there after the country invaded Ukraine two weeks ago. ![]() It represents just 0.1% of its total assets, according to Bank of America analysts. The bank is estimated to have $940 million in total exposure, including $650 million in credit. Goldman Sachs has a relatively small business presence in Russia. "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 is winding down its business in Russia in compliance with regulatory and licensing requirements," a bank spokeswoman told CNBC. Goldman Sachs became the first leading Wall Street investment bank to bail on doing business in Russia. International outrage has grown in recent days as more reports emerge of attacks on Ukrainian civilians. Russia's war in Ukraine has isolated Moscow as nations try to hamstring the Russian economy and more companies suspend their operations in the country. and EU to ban or scale back Russian energy imports helped to send oil prices higher this week, prices had climbed since Moscow attacked its neighbor last month. Putin claimed Russia had "absolutely nothing to do" with high inflation driven in part by rising energy prices. He also said that Russia "will overcome" the measures, which have clobbered the country's economy and sent the ruble tumbling. Putin said during a government meeting that the economic sanctions would hurt countries such as the United States, United Kingdom and European Union members through higher energy and food prices, according to Reuters. Russian President Vladimir Putin on Thursday argued international sanctions against Russia would backfire against the countries that levied them in response to his unprovoked invasion of Ukraine. ![]()
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