SEC Asked Citi to Update Disclosures on Russia Exposure: FT

Citigroup updated disclosures related to its exposure to Russia after being pressed by the U.S. Securities and Exchange Commission, the Financial Times reports, citing correspondence published on Friday.

• Regulator asked Citi to provide “enhanced” disclosures about aspects of business that have to be evaluated for possible impairment due to Russia’s invasion of Ukraine
• In letter dated May 2, SEC also requested a more detailed breakdown of Citi’s cash flow from investing activities and asked the bank to revise future filings to comply with accounting standards
• In its response to the SEC, Citi said none of its long-lived assets in Russia …