10:09 AM EST, 11/15/2024 (MT Newswires) -- (Update with Citigroup's ( C ) response to a request for comment.)

Citigroup ( C ) is under investigation by the US Department of Justice, FBI and IRS due to its connections with a sanctioned Russian official, Bloomberg reported Thursday, citing a person familiar with the matter.

The investigation is focused on Citi's work for Heritage Trust, which holds assets owned by Suleiman Abusaidovich Kerimov, a Russian billionaire the US previously said benefited financially from government corruption, according to the report.

"Citi is committed to conducting all business with the highest consideration for compliance with all applicable laws and regulations," a Citi spokesperson said to MT Newswires via email. "At the same time, we are actively ending nearly all of our institutional banking business in Russia, except for those operations necessary to fulfill remaining legal and regulatory obligations, while we proceed with the closing of our Russian consumer banking business."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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