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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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