(Bloomberg) -- Citigroup Inc. said it had $9.8 billion in domestic and cross-border exposure to Russia as Western nations level sanctions against the country for its invasion of Ukraine.
The total, which is as of the fourth quarter, includes $5.4 billion in country exposure and about $1 billion of cash and placements with the Russian central bank and other financial institutions, according to a regulatory filing Monday. It also includes $1.8 billion of reverse repurchase agreements with various counterparties and $1.6 billion due from Russian entities outside of Russia.
The U.S. on Monday banned its people and companies from doing business with the Bank of Russia, the Russian National Wealth Fund and the Ministry of Finance. Sanctions announced last week targeting major Russian banks likewise prohibit U.S. financial institutions from doing business with them, leaving banks trying to sort their exposure to Russian counterparties.
“Citi continues to monitor the current Russia–Ukraine geopolitical situation and economic conditions and will mitigate its exposures and risks as appropriate,” the New York-based company said in the filing.
The bank said it offers both institutional and consumer banking services in Russia, but is working to exit the consumer business as part of a larger strategy.
Representatives for the company declined to comment beyond the filing.
©2022 Bloomberg L.P.
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