Operating in Moscow has been increasingly difficult for western financial institutions amid international sanctions against Russia.

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the bank said in an emailed statement.

A source familiar with the situation said Goldman would wind down the operations rather than exit them immediately.

The loss due to the exit would be immaterial, the source said.

In its annual filing earlier, the bank had disclosed a credit exposure to Russia of US$650 million.

Bank of International Settlements data shows that US bank exposure to Russia totals US$14.7 billion.

Citigroup Inc said yesterday it was operating its Russian consumer business on a more limited basis while sticking with its previous plans to divest the franchise.

Other US banks operating in Russia include JPMorgan, which declined to comment on what its plans were.