Citi reveals $9.8 billion exposure to Russia amid sanctions

Bloomberg — Citigroup Inc. (C) said it had $9.8 billion in domestic and cross-border exposure to Russia as Western countries imposed sanctions on the country for its invasion of Ukraine.

The figure, which corresponds to the fourth quarter, including $5.4 billion in so-called state exposure, or just 0.3% of the company’s total, according to Monday’s regulatory filing. Exposure to Russia compares to nearly $96 billion for the UK and $60 billion for Mexico.

The $9.8 billion amount also includes about $1 billion in cash and placements with Russia’s central bank and other financial institutions, $1.8 billion in reverse repurchase agreements with various counterparties, and $1.6 billion owed by non-governmental entities. Russia, according to the document.

The United States on Monday banned American individuals and companies from doing business with the Bank of Russia, Russia’s National Wealth Fund and the Ministry of Finance. Sanctions announced last week against major Russian banks also bar US financial institutions from doing business with them, prompting banks to try to classify their exposure to Russian counterparts.

Citi continues to monitor the current geopolitical and economic conditions in Russia and Ukraine and will mitigate its exposures and risks as appropriate.the New York-based company said in the document.

The bank said it offered consumer and institutional banking services in Russia, but was seeking to exit the consumer business as part of a broader strategy.

Company representatives declined to comment outside of the document.

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Roderick Gilbert

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