Deutsche Bank has mentioned it’s going to wind down its Russia operations — a significant U-turn that despatched shares larger Monday.

In an announcement released late Friday, the German financial institution mentioned it was becoming a member of a number of worldwide friends in exiting the nation in response to its invasion of Ukraine and resultant operational restrictions.

The transfer got here a day after chief monetary officer James von Moltke advised CNBC Thursday that it was “not practical” to close its Russia business.

Deutsche Financial institution shares jumped larger in early Monday commerce, up over 8% as traders acknowledged the turnaround.

“Like some worldwide friends and in step with our authorized and regulatory obligations, we’re within the strategy of winding down our remaining enterprise in Russia whereas we assist our non-Russian multinational purchasers in lowering their operations,” the financial institution mentioned in an announcement saying the departure.

“There will not be any new enterprise in Russia,” it added.

The choice follows related strikes by Goldman Sachs, JPMorgan Chase and HSBC, which all introduced final week that they might wind down their operations in Russia, becoming a member of a number of main companies which have distanced themselves from the pariah state.

CFO von Moltke had beforehand defended the financial institution’s choice to stay operational in Russia, owing to its accountability to its purchasers there.

“We’re there to assist our purchasers. And so, for sensible functions, that is not an possibility that is out there to us. Nor wouldn’t it be the proper factor to do by way of managing these shopper relationships and serving to them to handle their scenario,” he mentioned on the time.

The feedback drew ire as strain mounts on firms to assist Western allies in boycotting President Vladimir Putin over his invasion of Ukraine.