Citi expands its exit from Russia

By Matt Egan, CNN Business

Citigroup, the major US bank with the biggest footprint in Russia, said Monday it will expand its exit from Russia to go beyond the long-planned sale of its consumer bank there.

Citi said in a statement it has decided to “expand the scope” of its exit process to include “other lines of business and continue to reduce our remaining operations and exposure” in Russia.

“Due to the nature of banking and financial services operations, this decision will take time to execute,” Citi said, adding that it is “moving with urgency” to complete the assessment of its Russia operations.

Citi did not detail specifically which operations will be unwound, but the bank provides investment and corporate banking services in Russia to institutions and high net-worth individuals. In April 2021, Citi disclosed its intent to exit its consumer business in Russia.

Citi’s latest announcement comes after Goldman Sachs and JPMorgan announced last week they will leave Russia. Deutsche Bank on Friday said it will get out of Russia, reversing its previous position.

Citi has nearly $10 billion worth of exposure to Russia as of the end of last year, according to regulatory filings.

“We will continue to manage our existing regulatory commitments and our obligations to depositors, as well as support all of our employees during this very difficult time,” Citi said Monday.

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