With no buyers, Citigroup to wind down operations in Russia

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Citigroup will wind down its consumer banking and commercial lending operations in Russia after months of looking for a buyer, with Russia increasingly isolated from the Western financial world. Citigroup said in spring 2021 that it planned to exit Russia, long before it invaded Ukraine and triggered massive sanctions. The invasion made the sale almost impossible. While no major U.S. bank had a substantial presence in Russia, Citigroup was among the largest. The company said it still had $8.4 billion in exposure to Russian assets, which is down from $9.8 billion at the end of 2021, with roughly 2,300 employees in the country.