Top global financial firms exit Russia as economy slumps

Moscow

FROM Franklin Templeton Investments to BNP Paribas SA, global financial firms that once pushed to expand in Russia are pulling out as prolonged sanctions deepen the country's first recession since 2009.

Franklin Templeton, which oversees almost US$900 billion of assets, is liquidating its fund for the region, while French bank BNP Paribas exited its local fund-management venture and German reinsurer Munich Re closed its Moscow office.