Goldman Sachs becomes first major Wall Street bank to quit Russia

Goldman Sachs Group Inc said on Thursday it was closing its operations in Russia, becoming the first major Wall Street bank to exit the country following Moscow's invasion of Ukraine.

Operating in Moscow has been increasingly difficult for Western financial institutions amid international sanctions against Russia and banks have been weighing whether to remain or leave. While European banks are the most highly exposed to the country, U.S. banks still have significant exposure, totaling $14.7 billion according to Bank of International Settlements data.

"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said