On Thursday, CNBC reported that Deutsche Bank, the longtime lender for former President Donald Trump, is defending its decision to not cease operating in Russia amid the invasion in Ukraine, calling such an action not "practical."
"Speaking to CNBC, the German bank’s chief financial officer defended the decision, saying it hinged on its duty of care to clients that still operate in the country," reported Karen Gilchrist. "It comes as other major banks make moves to pull out of Russia. In Wall Street’s first departure, Goldman Sachs said Thursday that it was winding down its business in the country, while HSBC on Monday told staff to begin ceasing their dealings with Russian banks."
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"'We’re there to support our clients. And so, for practical purposes, that isn’t an option that’s available to us. Nor would it be the right thing to do in terms of managing those client relationships and helping them to manage their situation,' James von Moltke said," continued the report. "Von Moltke added that the bank would be willing to reconsider its position should the political situation escalate further and its clients in Russia — mostly multinationals — cease their operations in the country."
Russia's invasion of Ukraine, ostensibly to protect so-called "independent republics" in the east of the country declared by separatist rebels backed by the Kremlin, has resulted in reports of war atrocities against civilians, most notably this week the alleged bombing of a maternity hospital in Mariupol. Over the past few weeks, several countries and businesses have cut ties with Russia over the affair.
Deutsche Bank was infamous for being one of the only lenders willing to do business with former President Donald Trump's companies, supplying hundreds of millions in loans to the Trump Organization for decades. Last year, after the January 6 attack on the U.S. Capitol, Deutsche Bank finally pulled the plug on this relationship, announcing they would stop doing business with the Trumps.
