Goldman Sachs Group Inc said on Thursday it was closing its operations in Russia, becoming the first major Wall Street bank to exit the country following Moscow's invasion of Ukraine.

"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said in an emailed statement.

In its annual filing earlier, the bank had disclosed a credit exposure to Russia of $650 million.

Bank of International Settlements data shows that US bank exposure to Russia totals $14.7 billion.

Goldman sees commodities rally on Russia-Ukraine crisis, sanctions

Operating in Moscow is increasingly difficult for Western financial institutions amid international sanctions against Russia.

Citigroup Inc said on Wednesday it was operating its Russian consumer business on a more limited basis while sticking with its previous plans to divest the franchise.

Other US banks operating in Russia include JPMorgan , which declined to comment on what its plans were.