Ukraine War: Update Regarding Citi’s Operations In Russia Greeted Largely With Positive Sentiments, Friendly Vibes
- Opprobria, Also
By Clifford Agugoesi, Editor-in-Chief
On March 14, 2022, Executive Vice President for Global Public Affairs at Citi, Edward Skyler, provided an update concerning the firm’s operations in Russia, but hardly had he finished that exercise than stakeholders mainly saluted his message with swift acceptance. His message was short but communicated Citi’s decision to exit consumer business but has expanded to include other lines. A small number either criticized Citi for being lethargic over exit from Russia or remained somewhat indifferent to the messaging.
The statement reads: “We are moving with urgency to complete our assessment of our operations in Russia. In April 2021, we announced our intent to exit our consumer business in the country. We have now decided to expand the scope of that exit process to include other lines of business and continue to reduce our remaining operations and exposure. Due to the nature of banking and financial services operations, this decision will take time to execute.
We have also decided to stop soliciting any new business or clients. We are providing assistance to multi-national corporations, many of whom are undergoing the complex task of unwinding their operations. We will continue to manage our existing regulatory commitments and our obligations to depositors, as well as support all of our employees during this very difficult time.”
Now, go to Citi’s website and read the encouraging stakeholder comments on the planned exit fueled by February’s invasion of Ukraine by Russia. Some of these are included below with ### separating each comment from the other:
Valentina Leoni
Shame on Citibank! My sister and her family in the Ukraine are sitting in a cold basement these days. I don’t know what day of the week it is But I know exactly – today is the 23rd day of the war
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Charissa
Not only should Citi no longer be doing business in Russia, it may be prudent to evaluate all countries that Citi has a relationship with to ensure it is not doing business with any totalitarian and authoritarian regimes. It is embarrassing that Citi has been highlighted on the national news as a business that is still serving Russia, so getting out sooner than later should be the goal.
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Antony Merck
I encourage Citi to accelerate its total withdrawal from doing business in Russia. It may be a hardship for Citi’s Russian employees and customers but the fault for that lies with Putin. He has over years pursued a predatory tactic of making Europe reliant on Russian energy with compliance from US government and financial institutions who refuse to lend to US energy companies. I hope Citi is not one of those Putin enablers.
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Andriy
Thank you for this decision from the people of Ukraine
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Felix
Citi’s decision to exit Russia filled my heart with pride. Thank you for supporting Ukraine and for doing the right thing. I know this was not an easy decision given the fact that Citi is a global bank and provides service to multi-national corporations.
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Quynh
To me, as your colleague from Russia, this news is very unpleasant. Thousands of people work here who are truly inspired by Citi and share its values. But we also understand the current circumstances. Please just do not extend collective responsibility to all people from Russia
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George
I totally understand your feeling. I extend my support to both Ukrainian and Russian people who are caught in this whole situation.
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Mira
Please continue sharing the updates on this matter. Reputation risk should be a priority here. Russia is a terrorist state and it is a threat to the global democracy and to all the values and freedoms the modern society is built on. No amount of profits can justify being associated with the autocratic and kleptocratic regime. Citi is constantly striving to adhere to highest ethical standards, and now is the time to demonstrate we stand by those values.
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Stephanie
Same goes for me. This recent statement regarding operations in Russia isn’t specifically saying all that much. I plan to cancel my Citi card if Citi is not out of Russia by the end of March.
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Elizabeth Carlson
I have been a loyal customer in good standing for many years. I am currently looking into changing cards because Citi has not yet pulled out of Russia. Unless Citi pulls out of Russia very soon, I will not longer stay a Citi customer.
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Szab
It is our moral obligation to leave, please accelerate the exit as much as possible! There is no collective responsibility, and I feel sorry for the collective pain.
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Nelson Ribeiro
To me, as your colleague from Russia, this news is very unpleasant. Thousands of people work here who are truly inspired by Citi and share its values. But we also understand the current circumstances. Please just do not extend collective responsibility to all people from Russia
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Paul Barbour
Glad Citi is exiting Russia – but hurry up! Sorry, zero sympathy for Russian employees, given 70-80 per cent of Russian support the war in Ukraine and support war crimes by Russian troops. I wonder how Russians would feel if THEIR children were being killed by cluster bombs?
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John Stanford
This must have been a tough decision. I join my colleagues in expressing my pride in Citi for making this choice. Unfortunately, many innocent people will be hurt. I feel for my Russian colleagues. I hope that the day will come soon when Citi can reopen its doors in Russia. In the meantime, I work for Citi, and I am proud of it.
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Piotr
Unless you stop your operations in Russia by the end of March, I, a loyal customer with 800 credit score who has never missed a payment, will be closing all my accounts opened a decades ago
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Vlad
If Citi doesnt know how to exit russia, then ask other global banks how to do this. Citi should leave this terrorist organization (so called russia) immediately.
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Kira
Thank you for moving in right direction citibank. Hope you will be able to exit Russian and stop supporting war by providing access to funds to war criminals as soon as possible.
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elise
I’m glad they are suspending operations, I hope they do it quickly. I see that American Express has publicly suspended operations and I was just about the cancel my Citi credit cards and move to Am Ex…hopefully I will not have to do this but they need to suspend operations quickly to keep my business.
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John Zurisk
I have been a decades long customer of yours and have never been late for a single payment. With that said, your support of Ukraine during this tribulation is imperative. Withdrawing from Russia should be immediate and my account is under consideration as a result. Please do the right thing, like all the other businesses have been doing. Until this conflict completely ends, and there’s a resolution, I will no longer do business with you if you’re unable to support Ukraine at this time. That means entirely closing my account. Additionally, I will influence all my family and friends to do the same. I hope to hear positive news in the next few days, or I’m forced to take action.
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John Hayes
This is a rather muddled statement that seems to obfuscate more than elucidate. While other operations have shut down quickly Citi seems to be taking its time. I’ll not use any Citi products until I know the company has divested entirely from Russia.
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Suzan Almas
This household supports the Ukrainian people, not dictatorships. We will be cancelling our Costco Citi Mastercard because Citibank is not acting swiftly enough to end all business with Russia. Thank you & goodbye.
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ELizabeth Carlson
Unless Citi pulls out completely by April 1, I will no longer be a customer. Giving it a few more days, and have already begun inquiries with alternatives. Sorry Citi, but I cannot be party to the slaughter of innocent children. This is a genocide.
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Marcie
Citi’s decision to exit Russia filled my heart with pride. Thank you for supporting Ukraine and for doing the right thing. I know this was not an easy decision given the fact that Citi is a global bank and provides service to multi-national corporations.
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Maria Zwack
I support the decision Citi has made regarding ceasing operations in Russia due to direct threat to democracy everywhere, and it is necessary and right to support the suffering people of Ukraine in their fight for freedom from Russian aggression.
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Agnieszka
No support Russia in any way in this war in Ukraine. Exit Russia immediately and isolate it with its murderous and bloody policy. I am proud of Citi and this decission.
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George
To me, as your colleague from Russia, this news is very unpleasant. Thousands of people work here who are truly inspired by Citi and share its values. But we also understand the current circumstances. Please just do not extend collective responsibility to all people from Russia
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BDB
Please act quickly to end all operations in Russia. Stand for what is right even if clients with Russia operations are harmed by a rapid exit. If democracy triumphs, the good will far exceed the hardship for a long time.
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Shawn Powers
I am proud to work for an organization that takes the current geo political risks serious.
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Rich Ambler
Why are you taking so long it didn’t take other companies long to get out. Look at McDonald’s they left in a hurry and it didn;t take me long to cancel my CitiBank card.
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Gerry Cohen
20 year customer. Considering cutting up my card TODAY if I am not fully convinced that Citibank is doing EVERYTHING it can to EXPEDITE it’s belated disconnection with Russian markets, etc. You’re saying better things than you were a week ago, today we need to see results in order to keep MY business.
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Kateryna
Unless you stop your operations in Russia by the end of March, I, a loyal customer with 800 credit score who has never missed a payment, will be closing all my accounts opened a decades ago.
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Kimberly Stamper
Seeing the need to exit consumer business starting in April 2021 is a remarkable foresight in world events. This action to exit our business in Russia is just another reason I am so proud to work for a company with integrity and morals.
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Bill Palace
Please expedite the implementation of your decision. As you know, Russia is a terrorist state run by war criminals. There is no excuse for any American company helping a terrorist state profit.
I expect to see a certain date for your exit. If I don’t see a date published, I will cancel 100 per cent of my business dealings with Citi on 3/25/2022.
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Igor Yarmak
I have been a citi gold customer for many years. Unless you fully get out of Russia by the end of March I will close all my accounts at citi. And all people I know will do the same.
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Guadalupe Guardiola
By CIti still in Killer Russia, CIti is helping fund KILLER russia army,instead fund URKAINE people
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Dale Pfremmer
Definitely Citi should move away from Russia with all haste. And with concern that their Russian employees understand that they are also victims of these unconscionable events created by Putin.
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Deekshidha
I am love that Citi is transparent. Since Citi has stated that its gonna take time to completely close shop, meanwhile when the operations are run in Russia, they could also act as a Independent media to its employees of Russia. Since Putin has given orders to cease and desist to every independent media in Russia. Citi could communicate what it actually going on in Ukraine, and the outer world, to its employees. This will help them be aware of what is happening to Ukraine. As we all know Instagram, Twitter, Tik Tok and so many other social media apps have gone dark. Citi can help them come out of that said darkness
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Edmond Hofler
Get out of Russia now
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Chizzy A.
I stand with Citi on this wise decision. We move……
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oleskii
Every day of operation in russia its contribution to blood and tears of the innocent people
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EDDY RODRIGUEZ
Transparent and ethical decision !
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Dario Zaccagnini
All and every war is terrible and should be stopped including with tough sanctions which I support. This war did not start 3 weeks ago but over the last 8 years Ukraine itself bombed civilians. At this time there is also a terrible war in Yemen which takes place with a huge civilian toll by countries in which Citi operates with the support of USA and UK military or munitions. Is there not a certain hypocrisy in which we are being selective on these measures? …. and maybe a more uniform standard should be applied.
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Freddie Sullens
After many years of great service from Citigroup I learned that the company is still doing business with Russia. WHY?
This is a black spot on your company that will last a very long time.
As a long time customer, my family asks you to terminate your business with Russia in the quickest way possible. Thank you for your consideration!
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Mimi Kellner
Thank you Citi for keeping us informed of the current decisions in regard to the war on Ukraine. I appreciate our stance on this issue and also appreciate that you are caring for employees in both Ukraine and Russia.
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Ryan Cooley
Thank You for doing the right thing
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Ekaterina Suntsova
Very sad news for Russian Citi employees though we respect the decision and Policy of Citi! It is a pity to see no supportive comments addressed to us, colleagues from Russia. In my opinion we all are a big family! Russian employees suffer as well as others from current situation, or even more..
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Dorbibi Jemadari
Thank you for the transparency and the updates. We are all following up closely albeit from a distance and we keep praying for the innocent lives and all our colleagues in the war torn countries.
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KHAIRUL ANNUAR
good job
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Dharan Prasad
I Support Citi’s great response of commitment by lending support during this unexpected tight corner sitution. Wish to see peace and normalcy in escalated regions. We have one beautiful place to stay called Earth. Let us respect and protect it with harmony.
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Al Baymar
Citi is still not committed to shutting down its business in Russia. I’ve been a loyal Citi credit card holder for almost a decade and never missed a payment. By 3/31 I will be closing my account with Citi if they still operate in Russia.
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Donna DeGroat
I support Citi’s decision to remove their business from Russia based on the current events and invasion of Russia to the Ukraine. Thanks for doing the right thing Citi.
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Scott White
I’m encouraged to see Citi’s support of the independent country of Ukraine and strategically there’s much work to accomplish in both Europe and North America to support economies that scale with less single points of failure. The impact of Europe’s increase reliance on Russia as they reduced their own exploration and production of oil should be a reminder us how reliant on fossil fuels we continue to be. This reliance is a necessary evil in a future with renewable energy as Elon Musk has reminded us. Citi should continue to work domestically in the US to help us be energy independent including renewables and fossil fuels in North America and development of the Keystone pipeline which will help to deliver natural gas and crude oil to the United States, create jobs and have a net positive impact for the environment.
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Debbie
I am so proud of Citi. Glad to see the transparency during these difficult and challenging times.
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Kevin Krug
Exit Russia now, Putin is the largest demonstrated threat to democracy in this century
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Roger Mullins
I applaud this wise and ethical decision.
