Russian President Vladimir Putin has reportedly authorised the sale of Citibank’s remaining Russian operations to Renaissance Capital, through a presidential decree.
According to Reuters, the approval is required under Russian rules introduced in response to Western sanctions following the country’s military actions in Ukraine.
Renaissance Capital, a domestic investment bank not subject to Western sanctions, has been named as the buyer of Citibank’s Russian assets.
Renaissance Capital was quoted by Reuters as saying: “We can only confirm the news that has been released so far, but without additional details.”
Citibank’s Russian unit told to the news agency that the transaction requires additional approvals.
In a statement earlier this year, the bank said: “As of 2025, Citi’s only operations in Russia are those necessary to fulfil its remaining legal and regulatory obligations.”
After Western companies exited Russia in February 2022, the Russian government has imposed strict requirements on foreign companies seeking to leave the country, said Bloomberg.
This included significant reductions in asset valuations and mandatory contributions to the state budget, which have complicated the process for Western companies planning to leave the Russian market.
Citibank was one of the largest foreign-owned banks operating in Russia and servicing the Russian operations of major US firms.
In August 2022, Citigroup reportedly announced its plans to wind down its consumer and commercial banking activities in Russia.
Reports at the time indicated talks with entities such as Expobank and Reso-Garantia, an insurance provider.
Only a small number of Western banks continue to operate in Russia, including Austria’s Raiffeisen Bank, Italy’s UniCredit, and Hungary’s OTP, said Reuters.
