- Goldman Sachs is moving some staff from Russia to Dubai in the Middle East, sources told Bloomberg.
- The relocation is due to employees in Russia wanting to work in a different location, sources told Bloomberg.
- It comes as Western companies slash their operations in Russia after its invasion of Ukraine.
Some of Goldman Sachs' Moscow-based employees are moving to Dubai as Western firms continue to cut their operations in Russia, Bloomberg reported on Sunday.
The US bank is relocating the staff after they sought to work in a different location, one person with knowledge of the matter told Bloomberg.
A number of foreign companies have paused sales or suspended their operations in Russia in response to Moscow's decision to invade Ukraine. Western governments, including the US, the EU and the UK, have imposed financial sanctions on Russia aimed at hobbling its economy.
Goldman Sachs' relocation of staff from Russia is intended to be temporary, a second person familiar with the matter told Bloomberg.
Although the bank has operations in Russia, they don't account for a massive chunk of Goldman's global business, Bloomberg reported.
Goldman Sachs declined to comment to Insider and Bloomberg about the relocation of employees to Dubai in the United Arab Emirates.
The UAE have maintained a neutral stance on the war in Ukraine, and abstained on a United Nations vote in February criticizing Russia's attack on Ukraine, CNN reported.
International companies have continued to sever or suspend business ties with Russia following President Vladimir Putin's order to invade Ukraine nearly two weeks ago, including BP, Apple, Spotify, and Ikea.
Big accounting firms and financial services companies, including KPMG and Mastercard, have also suspended operations in Russia amid the ongoing attacks on Ukraine.