Goldman Sachs announced Thursday that it would exit Russia as Western sanctions continue to grind down the country’s economy over the war in Ukraine. As many multinational companies have been pressured about the ongoing conflict, Goldman Sachs became the first major Wall Street bank to leave the Russian market.

A spokesperson for Goldman Sachs said the bank would begin winding down its operations in Russia. It did not cite the war in Ukraine as a direct reason for its decision, but did indirectly point to Western financial sanctions against Russia as a reason.

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the investment bank said in a 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.”

After Russian President Vladimir Putin sent forces to Ukraine on Feb. 24, the U.S. together with Canada, the U.K., European Union and Japan retaliated with a raft of sanctions. These included severing access to the SWIFT system for several Russian banks, sanctions against the Central Bank of Russia, and sanctions aimed at dealings in Russian debt. As a result, the Russian ruble has been dealt a severe blow while the Moscow Stock Exchange has remained closed since Feb. 28.

Goldman Sachs was among the first Western investment banks to enter the Russian market. In 1992, advisers from Goldman Sachs were hired by the Kremlin to assist with turning Russia into a more attractive destination for foreign investors in the wake of the Soviet Union’s demise. Today it is joining the flight of hundreds of multinational corporations that are leaving Russia for its choice to invade Ukraine.

A handful of Western banks remain in Russia despite the sanctions.

Citigroup, the largest U.S. bank in Russia and another early entrant to the market, has been struggling to rid itself of its retail banking service in Russia with the advent of new sanctions. In a filing on Monday, Citi estimated that its overall exposure to the Russian market is close to $10 billion.

European banks like Credit Suisse, BNP Paribas and Unicredit all insist they only have limited exposure to Russia, but several insist they have reservations about exiting the country just yet.

Deutsche Bank’s Chief Financial Officer James von Moltke told CNBC that it would not be “practical” to leave Russia. Von Moltke warned that leaving now would harm his bank’s “duty of care” to clients, but said it would continue monitoring political developments.