Morgan Stanley Exiting Russia
CBJ — Morgan Stanley is voluntarily exiting Russia.
The large U.S.-based bank will send an official notice to the Russian central bank that it will close operations in the country in the first quarter of next year.
The bank’s Russian subsidiary says U.S. and European Union sanctions imposed since 2014 have made it too difficult to continue on with capital markets operations.
“Impact of changes in the economy on the future results of the bank’s business and its financial condition may turn out to be significant,” the report said.
Morgan Stanley will keep a consulting business in Russia, which would not require a license.