American Citigroup will wind down its consumer operations in Russia. The company began looking for a buyer for Citibank back in 2021, but faced difficulties because of the sanctions and restrictions imposed in Russia on investors from so-called "unfriendly" countries.
Citi has announced that it is winding down its consumer and commercial banking operations in Russia as part of its ongoing efforts to reduce its deals in Russia.
The company said it would begin winding down operations in the current quarter. Citi will close 15 branches and cut about 2,300 employees.
