Friday, March 24
One of the largest American banks, Citigroup, is closing all its branches in Russia.
Wednesday, March 16, 2022
The American bank Citigroup will close its operations in several areas and will not attract new customers, announced Citigroup.” We are moving with urgency to complete our assessment of our operations in Russia.,” wrote the company, which announced the closure of business in the Russian consumer segment back in April 2021. Citigroup has the largest exposure in Russia among US banks at nearly $10B. Earlier it predicted it could lose almost half that amount in the worst-case scenario. It added that it “decided to stop bringing in any new business or clients.” The bank will help multinational corporations, many of which are winding down operations in Russia.