Morgan Stanley will send the Russian central bank a notice that it's going to formally close of all of its banking operations in the country in the first quarter of 2020, according to a report by Reuters.
The news came in the company's annual report, as it had announced last year that it was doing the voluntary shutdown at some point.
The bank's Russian arm said in the report that sanctions from the US and EU made it too hard for Russian businesses to access international capital markets.
(The) impact of changes in the economy on the future results of the bank’s business and its financial condition may turn out to be significant"
"(The) impact of changes in the economy on the future results of the bank's business and its financial condition may turn out to be significant," the report said of the planned shutdown.
The company did say it was going to continue to operate a consulting business in the country, which wouldn't require a license.
While the firm's Russian banking operations cool off, Morgan Stanley analysts predict healthcare to emerge as a key market for Apple.
However, the report further states that the bank would retain its consulting business in Russia.
Such business can be carried out without a banking licence.
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