The withdrawal will affect deposit accounts, investments, loans and cards of individuals and commercial banks.
Starting this quarter, Citigroup will close its banking operations with individuals and other commercial banks in Russia.
According to Reuters , the bank expects to pay out about $170 million over the next 18 months as a result of this.
The exit will affect deposit accounts, investments, loans and cards.
The closure will affect about 2,300 of Citibank’s 3,000 employees in Russia across 15 branches, the bank said.
Citigroup noted that as of June 30, its capital in Russia was $8.4 billion.
“Over the past few months, we’ve explored several strategic options for selling these businesses. Clearly, the shutdown path makes the most sense, given the many complicating factors around it,” said Titi Cole, chief executive of Citi.
Thus, the American bank with the largest presence in Russia joins other major Wall Street players that have also closed or announced plans to close deals in Russia due to sanctions imposed by Western countries for Moscow’s full-scale invasion of Ukraine.