Goldman Sachs CEO David Solomon said his bank is committed to international efforts to hold the Kremlin accountable for its invasion of Ukraine – a statement that appeared to walk back comments days earlier in which he downplayed Wall Street’s responsibility to take action against Russia.

“As the first major financial institution to announce the wind down of our operations in Russia, we firmly believe it is our responsibility at Goldman Sachs to lead the way in supporting the US and international community’s efforts to punish Putin and his regime for the invasion of Ukraine,” Solomon said in a statement.

Axios was first to report on Solomon’s clarification. Goldman Sachs did not immediately return a request for further comment.

Solomon clarified his stance following an interview with Time Magazine, which pressed the Goldman chief on whether Wall Street was doing enough to hold Moscow accountable for the invasion. The bank said Solomon’s initial statement had been taken out of context, Axios reported.

In response, Goldman’s top boss argued his position that financial institutions should follow government and regulatory directives in situations such as the Ukraine war – adding he didn’t “think businesses are supposed to decide how global trade works in the world” even though he personally felt the sanctions were justified.

“I happen to agree very strongly with the policy,” Solomon told the outlet. “What’s going on in Ukraine is absolutely horrible. I think the actions taken are reasonable and powerful actions. But you ask, ‘Are we doing a good job, ostracizing Russia?’ That’s not our job. And by us, I mean the financial industry broadly.”

Solomon noted that Goldman was “in the process of unwinding our business in Russia” in order to comply with sanctions – though the transition would take time to complete.

Goldman was the first major US bank to exit Russia in response to mounting geopolitical tensions.

A Goldman spokesperson said the bank was “focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people.”

Sanctions imposed by the US and other Western nations – such as the ejection of some Russian financial institutions from the SWIFT international payments system – have effectively barred Russia from the broader global economy.

Countless US companies, including McDonald’s and Apple, have cut ties with Russia and halted business operations since the war began.

Russia has retaliated by dialing back intellectual property protections for companies tied to countries deemed unfriendly to its interests, among other measures.