(Reuters) -Citigroup is being investigated by U.S. government agencies over its ties to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, Barron said 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 investigating the bank’s work with the Delaware-based Heritage Trust, which owns assets owned by Kerimov, the report said.
“Citi is committed to conducting all matters with the highest level of attention and complying with all applicable laws and regulations,” a Citi spokesperson told Reuters in an emailed statement.
“At the same time, we are actively terminating substantially all of our institutional banking operations in Russia, excluding those operations necessary to meet remaining legal and regulatory obligations, while we continue to close our Russian consumer banking operations.”
Part of the research is research Citi Group (NYSE:)’s anti-money laundering processes and customer vetting, according to the Barron’s report.
The DOJ, FBI and IRS did not immediately respond to Reuters requests for comment.
Kerimov was sanctioned by the United States in 2014 and 2018 in response to Russian actions in Syria and Ukraine.
The United States had taken enforcement action and imposed restrictions on Heritage Trust in 2022 due to the interests of the Russian oligarch.
