(Bloomberg) -- Citigroup Inc. said it’s assessing its operations in Russia after President Vladimir Putin’s invasion of Ukraine resulted in his country’s economy becoming disconnected from the global financial system.
The New York-based is operating its consumer business in Russia “on a more limited basis given current circumstances and obligations,” Edward Skyler, executive vice president of global public affairs, said in a statement Wednesday. “We are also supporting our corporate clients in Russia, including many American and European multinational corporations who we are helping as they suspend or unwind their business.”
The company is continuing its previously announced efforts to exit the consumer business in Russia, Skyler said. The bank has seen those efforts stall following the Ukraine invasion, with one problem being that potential suitors including Russian firms such as VTB Bank PJSC are now subject to sanctions imposed by the U.S. government.
Citigroup’s roughly 3,000 workers in Russia give it by far the largest presence of any major U.S. bank in the country. The bank said last month 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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