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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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The Kyiv Independent’s Kateryna Denisova and Kateryna Hodunova speak with military analyst Mykola Bielieskov and opposition lawmaker Inna Sovsun about the conflict between Fedorov and Commander-in-Chief Oleksandr Syrskyi, why Zelensky sided with Syrskyi, and what the shake-up could mean for Ukraine’s military, domestic politics, and war against Russia.

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According to the report, Oleksiy Sukhachov’s brother Oleksandr has bought 143 apartments at a price far below their market value, with an apartment being valued at the price of a smartphone. The construction of the apartment buildings involved has been investigated by Oleksiy Sukhachov’s State Investigation Bureau, raising questions about a potential conflict of interest.

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