The investment bank is the first one to pull out of Russia.

As more companies pull their dealings out of Russia, either to directly punish them for their invasion of Ukraine or to simply avoid the volatility that’s encompassing the country, even businesses that build their entire profile around globalization don’t want anything to do with them. For instance, global investment banks, mainstays of Wall Street, are still mostly doing business in or with Russia. However, the first of these companies has decided to shutter their Russian dealings, at least for the time being.

Global investment bank Goldman Sachs announced today that they would be closing down all of their Russia-based business, though it will continue to facilitate debt security trades related to Russia.

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman Sachs spokeswoman said in an official statement. “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”

“In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate,” the bank added.

Other major global investment banks, such as Bank of America and Morgan Stanley, have yet to disclose the current extent of their business in Russia.