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The company will incur the charges through 2024, it said in a regulatory filing.
Citi, which had the largest presence in Russia among U.S. banks, nearly two years ago said it would exit the retail business in the country as part of a retreat from some overseas markets.
It later expanded the scope of its exit to include its local commercial banking unit after Russia’s invasion of Ukraine, and forecast charges of around $170 million.
Besides Citigroup, companies including JPMorgan Chase & Co (NYSE:JPM) and Goldman Sachs Group Inc (NYSE:GS) are also scaling back their businesses in Russia.
The invasion has now entered its second year despite efforts to isolate Russia.
