US securities regulator has asked Citi to update its disclosures related to its Russia exposure, media reports said citing a regulatory filing.

The Securities and Exchange Commission has sought “enhanced” disclosures from Citi to evaluate its Russian assets. 

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It has asked the bank to disclose the risk from sanctions on Russia and the problems it may cause in divesting its assets there. 

According to a sample letter, in May, the SEC also sent out sought similar information from other institutions to assess the impact of the war on the industry. 

In late February, Russia invaded Ukraine, which led the US and its allies to impose unprecedented sanctions on Moscow. 

After the invasion began, Citi revealed that its total exposure to Russia stood at around $10bn. 

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Later, the bank said it has managed to bring down its exposure by $1.9bn in the first quarter of 2022. 

The bank also informed the regulator that none of its assets linked to Russia has experienced any impairment in the first quarter. 

However, Citi’s retail banking arm, which was put up for sale, saw its revenue fall by 6% from a year earlier in the first quarter. 

The sanctions on Russia, reduction in investments and the decision to not open new accounts have also affected the unit. 

Last week, the Financial Times reported that the US banking major is in talks with local buyers including Expobank and Reso- Garantia for the sale of its Russian business.