• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Citigroup facing US probe over ties to sanctioned Russian billionaire, Barron’s reports

by November 15, 2024
written by November 15, 2024

(Reuters) -Citigroup is being probed by U.S. government agencies over its ties to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, Barron’s reported on Thursday, citing a person familiar with the matter.

The U.S. Department of Justice, the Federal Bureau of Investigation, and the Internal Revenue Service are probing the bank’s work with Delaware-based Heritage Trust, which holds assets owned by Kerimov, the report said.

“Citi is committed to conducting all business with the highest consideration for compliance with all applicable laws and regulations,” a Citi spokesperson told Reuters in an emailed statement.

“At the same time, we are actively ending nearly all of our institutional banking business in Russia, except for those operations necessary to fulfill remaining legal and regulatory obligations, while we proceed with the closing of our Russian consumer banking business.”

A part of the investigation is looking into Citigroup (NYSE:C)’s anti-money laundering processes and client vetting, the Barron’s report said.

The DOJ, the FBI, and the IRS did not immediately respond to Reuters’ requests for comment.

Kerimov was sanctioned by the United States in 2014 and 2018 in response to Russia’s actions in Syria and Ukraine.

The United States in 2022 had taken enforcement action imposing restrictions against Heritage Trust over interests held by the Russian oligarch.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Hyundai Motor names U.S. chief Jose Munoz as CEO in major reshuffle
next post
GM self-driving unit Cruise admits to submitting false report, will pay $500,000 fine

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Lawyer group urges overhaul of US bank charter...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Bank of England splits on rates outlook as it keeps borrowing costs on hold
    • Amazon taps Whole Foods CEO to oversee grocery business

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy