The American Citigroup, which is planning to leave Russia, has reduced its estimate of losses in the event of a stress scenario to $2 billion from the previously forecasted $3 billion. This is stated in the group’s presentation for quarterly reports.

„We believe that the potential impact on capital in the event of severe stress scenarios has decreased to approximately $2 billion as a result of proactive risk mitigation,” the presentation says.

Citigroup previously reported that in the first quarter it reduced its exposure to Russian assets to $7.8 billion from $9.8 billion. In the second quarter, Citi reduced its Russian exposure by $3.1 billion, but the effect of the strengthening ruble offset the decline by $500 million.

The amount of provisions for loans directly or indirectly related to the risk to Russia is $1.6 billion.

Citi, which announced plans last year to withdraw from retail banking in the Russian Federation, after the start of the military operation in Ukraine, announced its intention to curtail other areas of Russian business. Russian Citibank has stopped attracting new customers to serve.

The group is negotiating with several buyers for its Russian business, including Expobank, the RESO-Garantia insurance company and Rosbank, the Financial Times reported in July, citing its sources.

Citi is downsizing its corporate business, but continues to work with multinational clients leaving the country due to sanctions against the Russian Federation. However, according to FT sources, the group may retain its license in Russia (although no final decision has yet been made) and continue to operate in Russia on a reduced schedule.