“Six months into Russia’s war in Ukraine, severe economic sanctions initiated by the US and the EU seem to be having the twofold effect of stifling Russia’s economy and encouraging divestment by large corporations, with the US-based Citibank the latest to announce its formal withdrawal from the Russian market.Citibank on Thursday issued a press release stating its intention to wind down its consumer and local commercial banking enterprises in Russia as part of a longer-term ‘global strategic refresh’ first announced in April 2021. ‘We have explored multiple strategic options to sell these businesses over the past several months. It’s clear that the wind-down path makes the most sense given the many complicating factors in the environment,’ CEO of Legacy Franchises Titi Cole said in the release. ...”
A view of a crater from a night Russian rocket attack, near to damaged buildings in downtown Kharkiv, Ukraine, Saturday, Aug. 27, 2022.
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