Is Citigroup's Russian Exposure Still a Problem for the Stock?

One of the reasons Citigroup's (NYSE: C) stock has sold off this year is related to the bank's exposure to Russia, which has been destabilized after the Russian military invaded Ukraine. The U.S. and many other countries have imposed lots of sanctions on Russia that have really hammered its economy.

Earlier this year, Citigroup reported about $10 billion of total exposure in Russia, which is much more than its peers. Since then, management has been working to insulate and reduce this exposure as much as possible. Let's take a look at where things stand.

On Citigroup's first-quarter earnings call in April, we learned that the bank had reduced its overall exposure from $9.8 billion to $7.8 billion. We also learned that Citigroup had reshuffled that exposure so more of it was in cash and deposits, which rose in the first quarter as Citigroup worked to get other riskier Russian assets such as loans paid down and off its balance sheet.

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Source Fool.com