Citi to shut consumer banking operations in Russia

Citibank will close its consumer and commercial banking businesses in Russia starting this quarter and expects to incur about $170 million in charges over the next 18 months, the company said on Thursday.

The group aims to limit its service offering, reduce exposures and not soliciting any new business or clients.

This decision expected to affect nearly 2,300 employees in Russia across 15 branches.

“Today’s decision is part of our continuing efforts to reduce our activities in Russia,” David Livingstone, Citi’s chief executive of Europe, Middle East and Africa, said.

The U.S. bank with the largest presence in Russia announced plans in April 2021 to leave the retail business as part of a broader departure from some overseas markets.