Deutsche Bank said Friday that it was winding down its operations in Russia, one day after its chief financial officer said it wasn’t “practical” to shutter the unit. 

“Like some international peers and in line with our legal regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations,” Dylan Riddle, a U.S.-based spokesman for the German bank, said in an email. 

“There won’t be any new business in Russia,” he said

This story is developing. Please check back for updates.