In the early days of January 1917, two months before the February Revolution, the first branch of the New York National City Bank (now Citibank) was opened in the very center of Petrograd):
“The New York National City Bank, the first American bank, which has been given permission to open a branch in Russia. On January 2, 1917, the New York National City Bank opened its branch in Petrograd, in the building of the old Turkish embassy on the Palace Embankment in house No. 8 … Opening its branch in Russia, the bank set out to finance and facilitate trade relations between Russia and America, and contribute to the placement of American capital in the creation of enterprises in Russia ”(“New Time”, May 6, 1917)
In May, the metropolitan newspapers reported a major embezzlement at an American bank:
“As a cashier in the Petrograd branch of this bank, the artel -artillery of Baron Stieglytsa Kozlovsky served as an artel. A few days ago, Kozlovsky completely unexpectedly for the bank administration did not appear at the service and did not send any explanatory letter. In view of this, a bank employee was sent to Kozlovsky’s apartment, who found out that he had gone, it was not known where. The Bank administration was reported by the artel. A superficial inspection immediately led to the disclosure of disorder on monetary reporting. Apparently, embezzlement is determined by hundreds of rubles, and tens of thousands ”(“Petrograd leaf”, May 24, 1917 )
Six months later, the Petrograd branch closed – in December 1917, the Bolsheviks nationalized all private banks.
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