Goldman Sachs logo|Ivan Radic|CC BY 2.0
In an email statement released Thursday, Goldman Sachs and JP Morgan Chase have decided to withdraw their operations from Russia.
Sanctions imposed on Russia by the US and the Western allies are at the root of the exit decision.
The banks have expressed that it has become increasingly difficult to continue doing business with Russia with the ongoing conflict with Ukraine.
The move makes Goldman Sachs and JP Morgan the first US-based banks to exit Russia, with many others soon expected to follow suit.
