-- The Russian unit of Morgan Stanley (MS) will voluntarily end banking operations in that country next year, Reuters reports Monday.

-- The unit will cease operations in the first quarter, it said in its annual report, according to Reuters.

-- The Russian unit said sanctions imposed by the U.S. and European Union created difficulties for the business, the report said.

www.reuters.com/article/us-russia-banks-morgan-stanley/morgan-stanley-to-shut-down-its-russian-banking-business-in-first-quarter-2020-idUSKCN1SC1R9?il=0

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 06, 2019 14:58 ET (18:58 GMT)

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