Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Amid the rising geopolitical tensions over Ukraine, Wall Street banking group Citi has revealed that its total exposure to Russia currently stands at nearly $10bn.

Citi, which operates both retail and investment banking units in the country, said its net investment in Russia was approximately $1bn as of 31 December 2021.

Citi’s total third-party exposure was approximately $8.2bn at the end of 2022, which includes $2.2bn in corporate loans, $700m in consumer loans and $1.5bn in investment securities. 

The US bank also has approximately $1.6bn of additional exposures to Russian counterparties that are not held on the Russian subsidiary.

Furthermore, Citi disclosed that it had cash worth $1bn in financial institutions such as the Bank of Russia and $1.8bn for reverse repurchase agreements. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Russia ranks 21st on Citi’s top 25 country exposure list.

Citi’s announcement comes as the US, UK, Japan, Switzerland and the European Union have targeted Russian banks and entities with sanctions such as cutting certain Russian lenders off from SWIFT. 

Citi is currently looking to exit the consumer banking operation in Russia as part of its efforts to reduce its retail business.

According to Reuters, VTB Bank, which is among those being targeted by sanctions, was the only publicly confirmed bidder for Citi’s Russian retail arm, which further complicates the deal. 

“Citi continues to monitor the current Russia–Ukraine geopolitical situation and economic conditions and will mitigate its exposures and risks as appropriate,” the lender said in its filing.