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Citigroup exits Russian market, affecting 2,300 employees

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Citigroup had plans to leave Russia in April 2021 due to a general exit from some overseas markets but took extra measures in March 2022. Actions to facilitate the wind-down of consumer and local commercial banking will start this quarter. "In connection with the wind-down plan announced today, Citi expects to incur approximately $170 million in costs, primarily over the next 18 months, largely driven by restructuring, vendor termination fees and other related charges," the company said in a statement.

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The Kyiv Independent news desk

We are the news team of the Kyiv Independent. We are here to make sure our readers get quick, essential updates about the events in Ukraine. Feel free to contact us via email with feedback and news alerts.

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Ukraine's Supreme Court has rejected a libel lawsuit filed by the late Andriy Portnov, a former top official who served pro-Kremlin ex-President Viktor Yanukovych, against the Kyiv Independent, according to a ruling obtained by the Kyiv Independent on June 5.

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"Almost half of your 26 years of power in Russia you have spent in the war against Ukraine," Zelensky wrote to Russian President Vladimir Putin. "Whatever you say about NATO, geopolitics and the Russian language, this war is your personal choice — a war without a real reason. This is how history will remember it."

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