Citigroup will begin winding down its retail and commercial banking business in Russia this quarter. Group's investments in Russia totaled $8.4 billion at the end of the second quarter of 2022, down 14% from $9.8 billion at the end of 2021, of which about $1 billion was in the consumer and commercial banking business. Citigroup's global strategy calls for an exit from the consumer business in 14 markets. However, in Russia, the company decided to wind down commercial banking services as well.