(Bloomberg) --
Commerzbank AG is joining German rival Deutsche Bank AG in pulling back from business in Russia following the country's invasion of Ukraine.
“We have stopped doing new business in Russia and we're winding down existing transactions,” a spokeswoman for the bank said Saturday in an emailed statement. “Of course we're complying with sanctions.”
The bank said on Feb. 24 that its exposure to both Russia and Ukraine was manageable and had been reduced in recent years.
The U.S., U.K., European Union and Asian nations have ramped up sanctions against Russia in an effort to isolate the country after the Ukraine invasion. Moscow has retaliated by banning airlines from 36 nations from its airspace and ordering economic counter-measures, including restrictions on residents transferring foreign currency abroad.
Read more: Wall Street's Russia Pullback Unravels Decades of Investment
Deutsche Bank, Germany's biggest lender, reversed course on Friday and joined competitors including Wall Street banks Goldman Sachs Group Inc. and JPMorgan Chase & Co. in cutting business ties to Russia. Deutsche's Chief Executive Officer Christian Sewing said one day prior that the Frankfurt-based bank wouldn't pull out of Russia.
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