Exodus of Western companies from Russia continuespublished at 01:08 Greenwich Mean Time 11 March 2022
JPMorgan Chase, the largest US bank by assets, has said it is exiting from Russia and will not pursue new business in the country.
The move comes after Goldman Sachs, the investment bank, announced earlier on Thursday that it would wind down its business in Russia.
Russia makes up a relatively small part of the two banks' portfolios, but a bigger blow to Moscow's financial functions is more likely to come from the exit of Western Union, one of the world's largest payment companies, which also announced that it was suspending services in Russia and Belarus on Thursday.
The company, which provides international money transfers for over 200 countries, condemned the war as a "prolonged assault on Ukraine".
Warner Music, Sony Music Group and Uniqlo were among other firms to suspend operations on Thursday.