Citigroup expects $190 million of costs tied to Russia wind-down

(Reuters) – Citigroup Inc said on Monday it was expecting $190 million of costs tied to winding down its consumer and institutional banking business in Russia, as of the end of last year.

The company will incur the charges through 2024, it said in a regulatory filing.

Citi, which had the largest presence in Russia among U.S. banks, nearly two years ago said it would exit the retail business in the country as part of a retreat from some overseas markets.

It later expanded the scope of its exit to include its local commercial banking unit after Russia’s invasion of Ukraine, and forecast charges of around $170 million.

Besides Citigroup, companies including JPMorgan Chase & Co and Goldman Sachs Group Inc are also scaling back their businesses in Russia.

The invasion has now entered its second year despite efforts to isolate Russia.

(Reporting by Niket Nishant in Bengaluru; Editing by Sonia Cheema)