It has been six months since Russia launched its full-scale invasion of Ukraine, and law firms and banking giants have since pulled back from the country and shifted hundreds of staff out.

Banks have been under pressure to wind down their Russian operations, which have provided a lucrative source of deals and trading revenue in recent years. Citi, which has the biggest presence of any major Wall Street bank in Russia, is now shuttering its consumer and local commercial banking business in the country. It will cost at least $170m.