Citigroup probed by feds over ties to sanctioned Russian billionaire Suleiman Kerimov: report

Core Viewpoint - Citigroup is under investigation by US government agencies regarding its connections to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, particularly focusing on its dealings with Heritage Trust, which manages Kerimov's assets [1][4]. Group 1: Investigation Details - The Department of Justice, the Federal Bureau of Investigation, and the Internal Revenue Service are examining Citigroup's relationship with Heritage Trust [1][4]. - The investigation includes scrutiny of Citigroup's anti-money laundering policies and systems designed to prevent financial crimes [2]. Group 2: Company Response - Citigroup has stated its commitment to conducting business in compliance with all applicable laws and regulations, while actively winding down most of its institutional banking operations in Russia [2]. - The bank is maintaining only those operations necessary to fulfill remaining legal and regulatory obligations as it closes its Russian consumer banking business [2]. Group 3: Background on Sanctions - Suleiman Kerimov has been sanctioned by the US in 2014 and 2018 due to Russia's actions in Syria and Ukraine [2][3]. - In 2022, the US imposed restrictions on Heritage Trust due to its ties to Kerimov [4].