{"id":126009,"date":"2022-03-14T14:21:08","date_gmt":"2022-03-14T14:21:08","guid":{"rendered":"https:\/\/fin2me.com\/?p=126009"},"modified":"2022-03-14T14:21:08","modified_gmt":"2022-03-14T14:21:08","slug":"sanctions-target-russian-oligarch-yachts","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/sanctions-target-russian-oligarch-yachts\/","title":{"rendered":"Sanctions target Russian Oligarch yachts"},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>Citigroup, the major US bank with the biggest footprint in Russia, said Monday it will expand its exit from Russia to go beyond the long-planned sale of its consumer bank there.<\/p>\n<p>Citi said in a statement it has decided to &#8220;expand the scope&#8221; of its exit process to include &#8220;other lines of business and continue to reduce our remaining operations and exposure&#8221; in Russia.<br \/>\n&#8220;Due to the nature of banking and financial services operations, this decision will take time to execute,&#8221; Citi said, adding that it is &#8220;moving with urgency&#8221; to complete the assessment of its Russia operations.<\/p>\n<ul><\/ul>\n<p><img decoding=\"async\" alt=\"Here are the companies pulling back from Russia\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220301235252-restore-apple-russia-0226-restricted-large-169.jpg\"><br \/>\nCiti did not detail specifically which operations will be unwound, but the bank provides investment and corporate banking services in Russia to institutions and high net-worth individuals. In April 2021, Citi disclosed its intent to exit its consumer business in Russia.<\/p>\n<ul><\/ul>\n<p>Citi&#8217;s latest announcement comes after Goldman Sachs and JPMorgan announced last week they will leave Russia. Deutsche Bank on Friday said it will get out of Russia, reversing its previous position.<\/p>\n<ul><\/ul>\n<p>Citi has nearly $10 billion worth of exposure to Russia as of the end of last year, according to regulatory filings.<br \/>\n&#8220;We will continue to manage our existing regulatory commitments and our obligations to depositors, as well as support all of our employees during this very difficult time,&#8221; Citi said Monday.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2022\/03\/14\/investing\/citi-russia\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)Citigroup, the major US bank with the biggest footprint in Russia, said Monday it will expand its exit from Russia to go [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":126008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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