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In response to Moscow's invasion of Ukraine, Germany's largest bank, Deutsche Bank, announced on Friday that it will close its business in Russia, joining other multinational companies.

"In compliance with our legal and regulatory duties, we are winding down our residual business in Russia, as are some of our foreign colleagues, while aiding our non-Russian multinational clients in limiting their activity. There would be no new business in Russia." The bank stated in a statement.

"We strongly condemn Russia's invasion of Ukraine and stand with the German government and its allies in preserving our democracy and freedom."

They stated that since Russia's invasion of Crimea in 2014, it had "significantly decreased" its exposure in Russia.

In a prior statement, it estimated its total exposure to Russian loans to be 1.4 billion euros ($1.5 billion).

In Russia, Deutsche Bank maintains a technology centre with 1,500 computer specialists.

The US banks Goldman Sachs and JPMorgan Chase are among the international corporations that have announced their exit from Russia.