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BREAKING
The Israeli Walla! website: We are running out of stockpiles, our forces are exhausted, and the lives of the captives are in danger. It is time for a ceasefire deal in Gaza.
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis
Al-Qassam Brigades: A NIMR armored personnel carrier carrying an Israeli soldier was targeted with an Al-Yassin missile north of Khan Younis
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes

Deutsche Bank slams closing in Russia as impractical

  • By Al Mayadeen Net
  • Source: Agencies
  • 11 Mar 2022 12:11
2 Min Read

Deutsche Bank goes against the current, saying it’s not practical for it to close its business in Russia because of its duty toward its clients.

  • x
  • Deutsche Bank's CFO said that the bank may reconsider its position if the political situation escalates further
    German Deutsche Bank Ltd.

Germany’s Deutsche Bank Ltd., contrary to corporations following the trend of distancing themselves from Russia, has opted to continue its business in the country.

Read more: Russian-bred cats 'banned' from int'l events

The bank’s CFO told CNBC that the decision stemmed from Deutsche Bank’s duty to care for its clients that still operate in the country. Meanwhile, Goldman Sachs said on Thursday that it would limit its business in Russia, and HSBC told its staff on Monday to stop dealing with Russian banks.

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“We’re there to support our clients. And so, for practical purposes, that isn’t an option that’s available to us. Nor would it be the right thing to do in terms of managing those client relationships and helping them to manage their situation,” Deutsche Bank CFO James von Moltke said.

However, if the bank’s clients cease their operations in the country, so would it, he said.

Recently, Western Union announced it will stop money transfers in Russia and Belarus on March 24, giving its customers a 2-week period to prepare for the termination of the service, the company's spokesperson told RIA Novosti. 

Russian President Vladimir Putin said on March 5 that the wave of sanctions the West has been imposing on Russia as a consequence of its military operation in Ukraine is comparable with a declaration of war. 

"These sanctions that are being imposed, they are akin to a declaration of war," Putin said at a meeting with female flight crews of Russian airlines. 

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