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Citigroup Outlines Russia Plans: Sanctions Update

In a statement Wednesday evening, Citigroup revealed steps the bank was taking to address the humanitarian crisis in Ukraine.

Edward Skyler, Executive Vice President, Global Public Affairs, announced Citigroup was providing $1 million in donations from the bank’s foundation to relief organizations. Kyler also said, “We will match contributions from Citi colleagues, which could lead to an additional $500,000 in donations.”

Skyler also provided an update on Citi’s efforts to exit Russia, saying:

“As we work toward that exit, we are operating that business on a more limited basis given current circumstances and obligations. We are also supporting our corporate clients in Russia, including many American and European multi-national corporations who we are helping as they suspend or unwind their business. With the Russian economy in the process of being disconnected from the global financial system as a consequence of the invasion, we continue to assess our operations in the country.”

According to Bloomberg, Citigroup has over 3,000 workers in Russia, making it the largest of any major U.S. bank in the country. Last month, Citigroup said it has about $9.8 billion of loans, assets and other exposure tied to Russia, local companies and their counterparties, as well as to the Bank of Russia. 


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