One of the largest Western banks in the Russian market, American Citibank, has announced the completion of its activities in Russia. The Bank, which was part of the TOP-20 in the Russian Federation by asset size, will stop work on November 15 this year. This was reported by the Frank RG group, referring to the statement of the bank itself.
CLIBANK OPERATIONS CLOSING
The bank's customers were warned about the need to complete all operations and consider other funds. From September 20, all debit cards of the bank will cease to work, and from September 25 the use of a system of fast payments of the central bank, transfer, cash and purchase through QR codes will be suspended.
This decision has become a logical continuation of Citigroup's plans to withdraw from the Russian market. Back in early 2021, the company planned to sell its retail business in Russia, and after the start of a full -scale invasion of the Russian Federation into Ukraine in 2022 finally decided to curtail its activities in the country. As a result, Citibank's credit portfolio decreased by 98%to 2.4 billion rubles.
Collapse of foreign banks in
Citibank is not the only big international player who has decided to leave the Russian market. After it, other European banks are also conducted in the Russian Federation. In particular, Raiffeisenbank has stopped international transfers for most of its customers since August.
According to the beginning of 2024, total assets of foreign banks in Russia amounted to only $ 66 billion, which is twice lower than in 2021, before the war. This trend demonstrates the gradual exit of Western capital from the Russian economy and further isolation of the country from international financial markets.
