Citigroup Inc. (C), the third-biggest U.S. bank, said it reduced assets tied to Russia 9 percent last quarter amid the crisis in Ukraine.
The bank’s aggregate exposure to Russia dropped to $9.4 billion as of March 31 from $10.3 billion on Dec. 31, New York-based Citigroup said today in its quarterly filing with the U.S. Securities and Exchange Commission.
“Ongoing political tensions in Russia and the Ukraine have not had a material impact on the results of operations” on the Europe, Middle East and Africa regional consumer bank, Citigroup said. “Future developments, including the imposition of any additional sanctions against Russian entities, business sectors, individuals or otherwise, could negatively impact the business.”
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