Citigroup Assessing Future Russian Presence

Wall Street Journal ^ | 3/9/2022 | David Benoit

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Citigroup Inc. said it is assessing its future presence in Russia as its clients and the global financial system back away from the country.

The New York bank has a larger Russian operation than other U.S. banks. It works with hundreds of multinational and American companies on the ground there, part of its reach helping global companies run far-flung businesses and shift money across borders. It said in a statement Wednesday that it was still working with those clients, including helping many who are suspending or unwinding their Russian operations.

Citigroup also has a Russian consumer bank, which it had announced it was planning to exit a year ago. A sale is now in doubt