The US-based Citigroup, which had planned to leave Russia, admits the possibility of maintaining its presence in Russia, but on a smaller scale, the FT and Reuters reported, citing the group’s CEO Jane Fraser.

Citi, which last year announced plans to pull out of retail banking in Russia, has said it intends to wind down other areas of its Russian business after the start of the military operation in Ukraine. Russia’s Citibank has stopped attracting new clients for its services.

Asked whether Citi would try to keep its license, Fraser said: “We don’t know yet, we haven’t made a decision on what size we’re going to be.” However, she added that if there will be a presence, it will be “very small”.

The bank is in the process of selling its retail business in Russia. Citigroup aims to close the deal as quickly as possible, she said.

Fraser said she hopes for peace talks with Russia, but Citi is not sure of the outcome at the moment. The group could lose about $3 billion in an unfavorable scenario.