Deutsche Bank to limit business in Russia

Deutsche Bank AG is in the process of pulling back from business in Russia, it has announced.

The Frankfurt-based lender joined Wall Street banks such as Goldman Sachs and JPMorgan late on Friday in limiting activities and operations in Russia due to Moscow's war on Ukraine.

"Deutsche Bank has substantially reduced its Russian exposure since 2014," the German lender said in a statement.

"In line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations," it noted. "There won't be any new business in Russia."

At least 564 civilians have been killed and 957 injured in Ukraine since the beginning of the war on Feb. 24, the UN said, while indicating that conditions on the ground make it difficult to verify the true number.

More than 2.5 million people have fled to neighboring countries, with about 2 million more estimated to be displaced inside Ukraine, according to the UN refugee agency.