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US banking group Citi has set aside $1.9bn in reserves to counter its exposure to Russia and the fallout from the ongoing conflit in Ukraine.

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Shortly after the war began, Citi revealed that its total exposure to Russia stood at around $10bn at the end of 2021, which is the highest among Wall Street banks.

The news comes alongside Citi’s first quarter 2022 results, which saw its profits decline to $4.3bn and revenues fall 2% to $19.7bn.

Apart from the reserves that have been set aside for souring loans linked to Russia, increased expenses were among the factors that impacted the group’s earnings.

Notably, Citi operates both retail and investment banking business in Russia and has vowed to exit its operations there.  

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Speaking at the earnings call, Citi CEO Jane Fraser revealed that in the first three months of 2022, the banking group reduced its exposure to Russia by $2bn.

Currently, Citi’s Russian exposure stands at around $7.8bn, which comes from loans, assets and exposures from local firms including the Central Bank of Russia.

The sanctions imposed on Russia in response to its invasion of Ukraine have drastically reduced options for the sale of Citi’s Russian retail business.

Last month, Financial Times reported that the US banking group may have to shut down everything in Russia.

However, Fraser said that the firm continues to look for buyers for its Russian businesses.