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Goldman Sachs is shifting some of its Moscow-based workforce to Dubai amid Russia’s continuing invasion of Ukraine and the ensuing global effort to cut off Russia from the global economy, reported Bloomberg.

The US-based bank is making the arrangement after its employees in Moscow asked to work from a different location, people aware of the development told the news agency.

The relocation is being carried out on a temporary basis, the report said.

A representative for Goldman Sachs declined to comment on the news when approached by Bloomberg.

Last week, Goldman Sachs Asset Management slashed its Russian exposure in its GQG international equity fund.

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The fund, which has holdings in Russia’s Lukoil, Rosneft, and Gazprom, cut its Russian exposure to approximately $222m from more than $1.7bn six months ago.

Its Russian exposure was 0.99% as of the end of February 2022.

GQG international equity fund is said to be the only Goldman Sachs fund with exposure to Russia.

Meanwhile, asset managers are freezing their Russia-linked equity funds amid market turmoil resulting from the sanction announced on Russia following its invasion of Ukraine.

These include French asset managers Amundi, and BNP Paribas, Swiss private banks Pictet, and British asset manager Liontrust, among others.

Recently, Russia suspended coupon payments to foreign holders of rouble-denominated bonds in an effort to shore up the falling market in the country.

The move blocks foreign investors from collecting returns on their holdings, which are already barred from sale as part of restrictions.

Funds managed by Vanguard Group, State Street Global Advisors and JPMorgan Chase & Co are said to be among the recent holders of this bond.