Wall Street firms in uncomfortable position over Crimea

Wall Street leaders including Lloyd Blankfein and James Gorman, who have courted business in Vladimir Putin’s Russia, are facing a dilemma as tensions over Ukraine escalate.

Bloomberg reports that their scheduled attendance at Putin’s annual investor showcase in St. Petersburg in May is in doubt as sanctions imposed by the U.S. in response to Russia’s annexation of Crimea - and retaliatory moves by Putin - threaten the ties between Russia’s leader and businesses including Goldman Sachs and Morgan Stanley. Spokesmen for the banks declined to comment on whether the executives will attend.

Wall Street firms that have pursued deals in Russia for years are being forced by the dispute over Ukraine to reexamine their bet on friendlier relations between Putin and the West. U.S. President Barack Obama yesterday added to the list of Russians targeted by financial sanctions and a June Group of Eight meeting in Russia was scrapped. Russia banned entry by U.S. leaders including House Speaker John Boehner.

To access the complete Bloomberg article hit the link below:

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