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Deutsche Bank’s wealth management unit is declining its services to new Russian customers living abroad in the wake of the Ukraine crisis, reported Bloomberg News.

The news comes as several global wealth managers seek to cut their business with Russian nationals and entities amid growing sanctions on the country over its military invasion of Ukraine.

A spokesman Deutsche Bank told the news agency in an emailed statement: “In the current environment, Deutsche Bank will not consider new offshore business requests for WM clients with a Russian nexus.”

The German bank, after facing criticism from investors and the government for continuing its ties with Russia, recently shuttered its operations in the country to comply with sanctions on Moscow.

At the time, the bank said that it “condemns the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom”.

Earlier this month, Deutsche reported ‘limited and substantially mitigated’ risk exposures to both Russia and Ukraine.

As of 31 December 2021, Deutsche’s net loan exposure to Russia stood at €0.6bn after taking account of guarantees and asset collateral. Its net loan exposure to Ukraine was €42m at the end of December.

It is not known whether the bank has outstanding loans to sanctioned individuals.

This week, French lender Rothschild & Co.’s wealth management unit also put a hold on accepting new Russian clients over fears that the US and European countries will impose sanctions on more individuals over time.

Several lenders, including French banking group Credit Agricole and BNP Paribas, suspended their Russia operations in response to Moscow’s military aggression in Ukraine.  

Credit Agricole had previously stopped financing projects and movements of commodities linked to Russia.