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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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Former U.S. Ambassador Steven Pifer discusses recent U-turn in U.S. President Trump’s policy on Ukraine following a phone call with Putin. Pifer says that Trump can still end Russia’s war if he starts using leverage on Moscow but argues that, regardless, Ukraine and Europe should assume they will have to manage the conflict without U.S. support.

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Russia attacked Kharkiv with drones on Oct. 22, damaging a kindergarten and killing one person, injuring at least six, local authorities reported.

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