Citibank clients have been advised to “consider other options for depositing funds and complete all their transactions.”
One of the largest Western banks in the Russian market, American Citibank, which is in the top 20 in the Russian Federation in terms of assets, is holding back its work. This was reported by Frank RG in connection with a statement from Citi.
In particular, on November 15, the Russian subsidiary of the bank will close the last operating branch that worked with retail clients.
Now, Citibank clients have been advised to “consider other options for placing funds and complete all their operations.”
From September 20, all Citibank debit cards will stop working, and from September 25, operations through the Central Bank Fast Payment System, as well as transfers, cash withdrawals at the terminal and purchases using a QR code will stop.
Citigroup planned to sell its retail business in Russia at the beginning of 2021, and after the invasion of Ukraine decided to de facto close it. The volume of loans issued by the bank since the beginning of 2022 has decreased by 98%.
Following Citi, European banks are curtailing their business in Russia, with the largest, Raiffeisenbank, stopping transfers abroad for most clients since the end of August.
The total assets of foreign credit institutions in the Russian Federation at the beginning of 2024 amounted to only $66 billion This is half as much as in pre-war 2021 ($119 billion), and almost four times less than the record set in 2012 ($239 billion).
We remind you that one of the largest state-owned banks in China, the Bank of China, stopped cooperating with the Moscow Exchange after it was subjected to US sanctions.
The head of the National Bank of Ukraine, Andrei Pyshny, said that the new US sanctions dealt a heavy blow to Russia’s financial infrastructure.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.