Russia’s RenCap Closing London, N.Y. Offices Amid Sanctions (1)

Russian billionaire Mikhail Prokhorov’s Renaissance Capital investment bank will wind down its London, New York and Johannesburg offices and has terminated research coverage of all sectors globally, after President Vladimir Putin’s invasion of Ukraine upended its business.

RenCap will dismiss about a dozen people in New York and most of the 60 or so people in London, with only a small group remaining to wind down its UK operations, according to people familiar with the decision who asked not to be identified because the information is not public. Western sanctions related to the war have caused chaos on ...