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Citibank leaves Russia
American Citigroup has decided to close its activities in Russia, says a statement on the official website of the company. This decision was made in connection with the situation in Ukraine and against the backdrop of anti-Russian sanctions.
“We are moving with urgency to complete our assessment of our operations in Russia. In April 2021, we announced our intent to exit our consumer business in the country. We have now decided to expand the scope of that exit process to include other lines of business and continue to reduce our remaining operations and exposure.,” the bank said in a press release.
The bank's subsidiary in Russia will stop soliciting new clients, but continue to manage their existing regulatory commitments and obligations to depositors, as well as support of their employees.
Citigroup announced its intention to withdraw from retail banking as far back as 2021.