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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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Hungary is heading into what could be its most consequential election in decades — and Ukraine has become a central issue in the campaign. The Kyiv Independent’s Martin Fornusek reports from Budapest, where Prime Minister Viktor Orban, after 16 years in power, is facing his strongest challenge yet from opposition leader Peter Magyar.

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