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Goldman Sachs cuts credit exposure to Russia

FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the NYSE in New York

(Reuters) -Goldman Sachs Group Inc said on Thursday it reduced its credit exposure to Russia by 9% to $205 million in the third quarter, according to a quarterly filing.

U.S. banks have wound down their exposure to Russia after it invaded Ukraine earlier this year. In August, Citigroup Inc said it will close its consumer and commercial banking businesses in Russia starting in the third quarter and said it expected to incur about $170 million in charges over the next 18 months as a result.

Goldman Sachs also set aside $2.3 billion for potential legal costs, $300 million more than in the second quarter, according to the filing. The reserves can cover any judicial regulatory and arbitration proceedings, many of which are in early stages and seek "an indeterminate amount of damages," it said.

(Reporting by Niket Nishant in Bengaluru and Saeed Azhar in New York; Editing by Arun Koyyur and Richard Pullin)