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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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Washington and Kyiv will invest $75 million each to kickstart the Ukraine reconstruction investment fund that gives the U.S. special access to mineral sites and other projects in Ukraine, the Economy Minister Oleksii Sobolev told journalists on Sept. 17.

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