Deutsche Bank slams closing in Russia as impractical
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.
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.
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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.
“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.