Russia retaliated for US sanctions today but it’s unclear if that was in retaliation for the first round of sanctions or the second round.

The individual sanctions are a joke but sanctions against a bank could have some real effects. The loser is Bank Rossiya, which is the fifth-largest in Russia and has assets of about $10 billion (but only 1% of customer deposits).

If Russia decides to respond in equal measure, what’s the fifth-largest bank in the US? Goldman Sachs.

goldman sachs russia

Of course, Goldman’s assets are an order of magnitude larger and they actually do business in Russia but I’m sure a few US bank executives in Russia are feeling stressed.