Putin approves sale of Citibank’s Russian unit as Russian President Vladimir Putin signs a decree authorizing the transfer of Citibank Russia to Renaissance Capital. The move finalizes Citigroup’s full exit from the Russian market, marking the end of over three decades of operations in the country.
Citigroup’s Exit from Russia
The decree, published Wednesday, grants Renaissance Capital approval to acquire 100% of Citibank Russia from Citigroup Netherlands B.V. without requiring further regulatory authorization.
Citigroup has gradually wound down operations in Russia following Moscow’s 2022 invasion of Ukraine. The bank initially planned to divest only its consumer business in 2021, but eventually decided to close all Russian operations completely.
In recent months, Citibank halted debit card issuance, closed its final retail branch in Moscow, and finalized remaining corporate and institutional divisions. This sale represents the final step in its withdrawal from the country.
About Renaissance Capital
Renaissance Capital is a Moscow-based investment bank founded in the 1990s. It was previously controlled by billionaire and former presidential candidate Mikhail Prokhorov until 2024.
The firm is currently not under Western sanctions, which allowed the Kremlin to approve the transaction without restrictions. Renaissance Capital confirmed the acquisition to Reuters but did not disclose financial terms, while Citibank has not issued a public comment.
Kremlin Authorization and Legal Framework
The decree is part of Russia’s special economic measures enacted after the Ukraine invasion, which allow authorities to approve or block foreign asset sales. The authorization ensures that the transfer can proceed smoothly, providing regulatory certainty for both Citigroup and Renaissance Capital.
Broader Context of Western Bank Withdrawals
With the Putin approves sale of Citibank’s Russian unit, Citigroup joins several other Western banks that have exited Russia entirely. Only a handful of European lenders remain active in the market, including Raiffeisen Bank International (Austria), UniCredit (Italy), and OTP Bank (Hungary).
The sale reflects ongoing geopolitical and economic pressures on Western financial institutions operating in Russia. Analysts note that Citigroup’s departure underscores the long-term impact of sanctions and risk assessments for global banks in the region.
Implications for Russia’s Banking Sector
The acquisition of Citibank Russia by Renaissance Capital strengthens the position of domestic financial institutions, particularly independent investment banks. Observers expect Renaissance Capital to leverage Citibank’s existing infrastructure and client base to expand its presence in corporate banking and wealth management.
The sale also demonstrates how Russia continues to facilitate foreign asset transfers under special economic rules, while gradually shifting market share to domestic players.
Moscow Times: Putin Approves Sale of Citibank’s Russian Unit
Renaissance Capital Official Website
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