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Goldman, JPMorgan Split on Reply to Rich Russian’s Sanctions (1)

Jan. 13, 2023, 2:14 PM

When Russia’s richest person was sanctioned in the aftermath of the country’s invasion of Ukraine, both JPMorgan Chase & Co. and Goldman Sachs Group Inc. had to decide whether to stop managing money for the UK charity set up by Vladimir Potanin before the war.

The Wall Street firms took different paths. JPMorgan ended up cutting ties with the Potanin Foundation having advised on its investments for about a decade, according to a registry filing uploaded this week. Goldman is still providing the London-based charity with banking and investment management services.

Vladimir Potanin
Photographer: Jason Alden/Bloomberg

The divergence underlines how sanctions continue to draw ...