Citigroup will incur costs of around $170m as it winds down its consumer and commercial banking operations in Russia, months after the country's invasion of Ukraine meant it failed to sell the unit.
The bank will shutter its consumer and commercial banking operations in the country, where it has exposure of $8.4bn, it said in a statement on 25 August. The Wall Street Journal had earlier reported Citigroup's plans to wind down its retail bank in Russia.
