Citigroup is under investigation by U.S. government agencies, including the Department of Justice, the FBI, and the IRS, for its connections to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, according to Barron’s.

The probe, ongoing for over a year, focuses on services Citi allegedly provided to Heritage Trust, a fund reportedly holding Kerimov's assets. Additionally, investigators are scrutinizing Citi's compliance framework, particularly its anti-money-laundering and client-vetting processes.

In response, a Citigroup spokesperson stated the bank remains committed to full compliance with applicable laws and regulations while winding down nearly all institutional banking operations in Russia. Citi has also initiated the closure of its Russian consumer banking business, except for activities required to meet remaining legal and regulatory obligations.