The last major American bank to completely shut down its business in Russia

American Citibank, one of the largest Western banks in the Russian market, is completely winding down its business in Russia. About it writes The Moscow Times.

Starting November 1, Citibank's Russian subsidiary will stop charging interest and servicing all savings and savings accounts.

Last year, the American bank stopped debit cards, transfers through the Central Bank's Rapid Payment System, cash withdrawals at terminals, and payment for purchases via QR codes. And in November 2024, it closed the last branch for retail customers in Moscow.

Citigroup had planned to sell its retail business in Russia in 2021, but after the outbreak of a full-scale war against Ukraine, it decided to actually liquidate it.

Since 2022, the volume of loans issued in the Russian Federation has decreased by 98%, and deposits from individuals and corporate clients have decreased by 90-150 times.

Along with Citibank, European banks are also cutting back on their business in Russia. Last year, Raiffeisen stopped making transfers abroad for most clients, and in October of this year, Italian UniCredit announced that it would no longer accept new corporate clients and would significantly raise its fees.

At the same time, only a few banks managed to sell their Russian subsidiaries, including the French Societe Generale, the Dutch ING, and the American Goldman Sachs.

• On April 11, it became known that clients of the Russian branch of the American bank Citibank started receiving coupon payments on securities frozen in Europe by Western sanctions.