Morgan Stanley is planning to close down its banking operations in Russia. The global financial services major intends to send a formal notice to the Russian central bank that it will close down these operations in the first quarter of 2020. The company had announced in 2018 that it was planning a voluntary shutdown of its banking business in Russia. The Wall Street bank’s Russian subsidiary said in its annual report that U.S. and European Union sanctions imposed since 2014 had made it hard for Russian businesses to access international capital markets. It will keep a consulting business in Russia, which would not require a license.
