Bloomberg, April 14, 2022, Citi Began Deepening Its Russia Retreat Before Ukraine Invasion
On Thursday, Citigroup revealed the result of their quiet work: The firm had trimmed exposure to Russia by $2 billion in the first three months of the year, including offloading $300 million worth of derivatives linked to the country. Unlike many of its rivals, Citigroup didn’t report any material losses from efforts to curb exposure.
The firm — which has vowed it will ultimately exit both consumer and commercial banking in the country — now has $7.8 billion worth of loans, assets and other exposure tied to Russia, local companies and their counterparties, as well as Russia’s central bank. That still gives it the largest exposure to the country of any major U.S. bank, though executives said Thursday they would continue to whittle away at the figure.
