Russia owes Western banks $120 billion. They won't get it back
CNN
Goldman Sachs is the first major Western bank to get out of Russia following the invasion of Ukraine. More are likely to follow at a cost of tens of billions of dollars.
The Wall Street giant said Thursday that it is "winding down its business in Russia in compliance with regulatory and licensing requirements," a Goldman Sachs spokesperson said.
The departure follows a scramble by Western banks to tally their exposure to Russia after President Vladimir Putin ordered the invasion of Ukraine, triggering punishing sanctions that cover most of the country's financial system, including its central bank and top commercial lenders — VTB and Sberbank.
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