Matt Scuffham. David Henry. Noor Zinab Hussain.

NEW YORK (Reuters] -Citigroup Inc might suffer losses of billions at its Russian operation in the worst scenario. However, it believes its actual losses will be much lower, Mark Mason, Chief Financial Officer, stated Wednesday.

According to the bank, Russia’s total exposure was nearly $10 Billion at the end last year. This figure is much higher than what had been previously reported.

Mark Mason, chief financial officer of the bank, was asked about possible losses in Russia during an investor meeting. He said that they had done health checks and determined how much could be lost depending on different outcomes.

He said that he worked closely with risk management to create different scenarios to determine what the exposure might be under various stress situations. Looking at the extreme stress scenario, this number could be less than half. However, depending on how things develop, it could easily be significantly less.

Mason stated that the bank would like to decrease its exposure to Russian assets through hedging or other strategies.

Mason stated, “We have been managing that exposure very proactive to bring that down.”

It is trying to buy its Russian consumer division. Jane Fraser, Chief Executive Officer of the Bank, stated that it was too soon to know how the sale would affect. VTB Bank (Russian state bank) was the sole buyer. This Russian bank is currently under U.S. sanction.

It also stated that it was helping 200 of its employees in Ukraine to move, including sending advance payments and offering other support.

She said, “We have been supporting those who want to cross the border into Poland. We’ve provided safe accommodation and we’ve made advances on their payroll.”