Clean Break: the company completely halting Russian engagements or exiting Russia

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Citigroup is a US-American multinational investment bank and financial services corporation headquartered in New York City.

Clean Break: the company completely halting Russian engagements or exiting Russia

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Global 500, is an annual ranking of the top 500 corporations worldwide

Global 500
Revenue(RF), mln.USD
334
Staff(RF), 2021
3000
Investments, mln.USD
9800
Assets(RF), mln.USD
5985
Glob.Revenue, mln.USD
79490
Capital(RF), mln.USD
1191
Taxes(RF), mln.USD
53

Today AO Citibank is one of the largest in terms of assets and the number of deposits. The bank serves more than 1 million private clients in more than 50 branches and more than 450 ATMs in 11 Russian cities. Citibank is introducing a 5% fee for USD and EUR cash deposits from August 15, 2023. As Western companies and international investors rushed to exit Russia amid the Ukraine invasion and the sweeping sanctions that followed, they were desperate to swap their rubles for dollars. For currency traders at firms including Goldman Sachs, Citigroup and JPMorgan Chase & Co., it was easy money: They found a way to scoop up greenbacks at a low price and then sell them to those fleeing clients for a healthy markup without running afoul of sanctions, people with direct knowledge of the transactions said. Citigroup Inc. has bought about $160 million of Russian aluminum from the London Metal Exchange, something many banks have refused to touch since the invasion of Ukraine. Russian Citibank has blocked customer dividends worth about $4.7 billion.

The Company Statement
September 14, 2024

The company decided to stop soliciting any new business or clients. The company continue to reduce the remaining operations in Russia and expand the scope of the exit process but cautiously returned to the market for Russian government and corporate bonds and buy Russian debt. Citigroup on Friday, October 14 announced plans to shut down its institutional banking operations in Russia as Vladimir Putin’s assault on Ukraine stretches into its seventh month. Finding a buyer for Russian business proved near impossible. After exhausting all options, in August 2022 Citi started winding down both consumer and local commercial banking businesses in Russia, selling select consumer banking portfolios where possible and making sure their colleagues, clients and partners were supported during the wind down process. Continue to work with multinational clients to end nearly all institutional banking services by the end of Q1 2023. At that point, only operations in Russia will be those necessary to fulfill the remaining legal and regulatory obligations. Also, it was analized that Citibank cannot be sold due to problems with the IT system. Citibank will suspend the purchase of dollars and euros at the box office. Citibank is winding down its ATM network in Russia. American Citibank, one of the largest Western banks on the Russian market, which was in the top 20 in Russia by asset size, is winding down its operations. From November 15, 2024 the bank's Russian subsidiary will close its last operating branch that worked with retail clients.

September 13, 2024Citibank closes its last branch in Russia
July 19, 2024Citibank to Stop Conversion of Receipts of Russian Companies from August 1, 2024
January 12, 2024Russian Citibank has blocked customer dividends worth about $4.7 billion
December 22, 2023Citi Upgrades Global Stock Following Strategic Divestment from Russian Interests
December 21, 2023Citi upgraded a global stock after its move to cut its Russian stake — and gives it 27% upside
October 29, 2023Traders and Banks Strike Deals in Russian Metals as Taboo Fades
September 04, 2023Citibank is winding down its ATM network in Russia
August 21, 2023Citibank will suspend the purchase of dollars and euros at the box office
August 02, 2023Wall Street Reaped Ruble Fortune on Clients Fleeing Russia
August 02, 2023Citibank will introduce a fee for depositing cash dollars and euros
August 02, 2023Against the background of the withdrawal of investors from the Russian Federation, the world's largest banks earned $6 billion from ruble trading last year
June 20, 2023Citibank Fights Russian Exec's Suit Over Blocked Transfer
March 27, 2023Credit disorganization: Citibank cannot be sold due to problems with the IT system
December 13, 2022Uralsib Bank closes deal to purchase Citi's retail portfolio of consumer loans
December 12, 2022Uralsib completes purchase of Citi's Russian consumer loan portfolio
December 12, 2022Uralsib closed the deal to buy the retail loan portfolio of Citibank
October 14, 2022Citigroup accelerates exit from Russian operations
August 15, 2022JPMorgan, BofA Are Among Banks Moving Back Into Russian Bond Trading
August 01, 2022Citi in talks with Russia's Expobank over sale of local operations
July 25, 2022Citi to Wind Down Consumer and Local Commercial Banking Businesses in Russia
July 15, 2022Wall Street revives Russian bond trading after U.S. go-ahead
June 07, 2022About Fitch Ratings' actions
May 16, 2022Western banks explore asset swaps as a way of exiting Russia: UniCredit and Citigroup are among the groups trying to avoid hefty writedowns
April 14, 2022Update Regarding Citi's Operations in Russia
Company: Citibank
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