Citigroup to cease commercial and retail banking activities in Russia

NEW YORK, Aug 25 (Reuters) – U.S. bank Citigroup said in a statement on Thursday it would cease commercial and retail banking operations in Russia as of this quarter.

The move will affect about 2,300 of the group’s 3,000 employees in Russia, across 15 branches, and is estimated to cost $170 million, mostly over the next 18 months, the group said.

Citigroup had announced in April 2021 its intention to exit its retail banking business as part of a broader withdrawal from certain foreign markets. It extended this measure to commercial banking activities in Russia following Russia’s February 24 invasion of Ukraine.

(Report Michelle Price; French version Diana Mandiá, edited by Sophie Louet)