Russia approves Citibank Russia sale to Renaissance Capital

Core Points - Russian President Vladimir Putin has authorized the sale of Citibank's remaining Russian operations to Renaissance Capital through a presidential decree [1] - The approval is necessary under Russian regulations established in response to Western sanctions following military actions in Ukraine [1][2] - Renaissance Capital, a domestic investment bank not affected by Western sanctions, has been identified as the buyer of Citibank's Russian assets [1][2] Company Operations - Citibank's Russian unit stated that the transaction requires additional approvals [2] - As of 2025, Citibank plans to limit its operations in Russia to those necessary for fulfilling remaining legal and regulatory obligations [2] - Citibank was one of the largest foreign-owned banks in Russia, servicing major US firms [3] Market Context - Following the exit of Western companies from Russia in February 2022, the Russian government imposed strict requirements on foreign companies wishing to leave [2][3] - These requirements included significant reductions in asset valuations and mandatory contributions to the state budget, complicating the exit process for Western firms [3] - A small number of Western banks, such as Raiffeisen Bank, UniCredit, and OTP, continue to operate in Russia [4]