Citigroup Inc. (NYSE:C) is in talks with local buyers in Russia over a potential sale of its operations in the country, the Financial Times reported on July 1, 2022, citing people familiar with the matter. The bank is in negotiations with Russia's Expobank and insurer Reso-Garantia for the sale of its consumer and commercial businesses, the report said. Public joint stock company ROSBANK (MISX:ROSB), owned by a firm linked to Russian oligarch Vladimir Potanin, has also expressed interest in Citigroup's assets, the report added.

A spokesperson for the bank did not immediately respond to a Reuters request for comment. The decision to sell its Russian consumer business was announced last year, as part of Chief Executive Officer Jane Fraser's plan to streamline the bank's operations.