Citigroup Under Federal Investigation for Ties to Sanctioned Russian Oligarch

U.S. agencies are examining Citigroup's dealings with a trust linked to Suleiman Kerimov, focusing on compliance and anti-money laundering practices.

Citigroup is being investigated by the DOJ, FBI, and IRS for its association with Heritage Trust, which manages assets for Russian billionaire Suleiman Kerimov.
Kerimov has been sanctioned by the U.S. since 2014 due to his connections to the Russian government and alleged financial misconduct.
The investigation will scrutinize Citigroup's anti-money laundering systems and its compliance with financial crime prevention regulations.
In 2022, the Treasury Department restricted Kerimov's access to $1 billion in assets held by Heritage Trust.
Citigroup is also winding down its institutional banking operations in Russia while closing its consumer banking business there.