Following Russia’s invasion of Ukraine, Goldman Sachs Group Inc and JPMorgan Chase & Co said on Thursday that they were unwinding their Russian businesses, becoming the first major U.S. banks to do so and increasing pressure on competitors to follow suit, reported Reuters.

Also Read| US VP Kamala Harris calls for probe into Russian ‘war crimes’ in Ukraine

Due to international sanctions against Russia, operating in that country has become more difficult for Western financial institutions. While European banks are the most exposed to Russia, according to Bank of International Settlements data, U.S. institutions still have a large exposure of $14.7 billion.

Also Read| United on Ukraine, European Union tackles the devil in details at summit

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the bank said in an emailed statement. JPM said in a statement: “In compliance with directives by governments around the world, we have been actively unwinding Russian business and have not been pursuing any new business in Russia.”

Also Read| UN council to meet on Russian claim of US labs in Ukraine

JPM’s current activities are restricted, and it is assisting worldwide clients in addressing and closing out pre-existing liabilities, managing Russian-related risk, acting as a custodian for clients, and caring for employees, Said JPM.

Goldman will wind down the activities rather than leave them immediately, and any losses will be “immaterial, sources told Reuters.

Also Read| Russian chemical attack in Ukraine won’t cross a ‘red line’: White House

Around half of Goldman Sachs employees in Moscow have relocated or are heading to Dubai as a result of Russia’s invasion of Ukraine last month, according to three sources familiar with the situation told Reuters. In Moscow, the bank employed around 80 people.

Also Read| Russia destroys $100 billion worth asset of Ukraine so far: Top govt economist

Some of the relocated employees will be engaged in the winding down, working with colleagues still in Moscow. Goldman’s Russia chief is expected to remain in Moscow. The bank acknowledged a $650 million credit exposure to Russia in its annual report.

Also Read| Putin says West would have sanctioned Russia regardless of Ukraine invasion

Goldman Sachs came in seventh overall in terms of investment banking income in Russia last year, with VTB Capital leading the way with $32.8 million, JPMorgan second with $32.8 million, Morgan Stanley fourth with $27.3 million, and Citigroup fifth with $22.8 million. According to Refinitiv statistics, Goldman Sachs earned $19.5 million last year.