Citigroup (C) Approves the Sale of its Russian Unit to Renaissance Capital

Group 1 - Citigroup Inc. has approved the sale of its Russian unit, AO Citibank, to Renaissance Capital, with the transaction expected to result in a pre-tax loss of approximately $1.2 billion due to currency translation [3][5] - The deal is anticipated to close in the first half of 2026, following years of consideration for an exit from Russia amid increasing US and EU sanctions [4][3] - The divestiture is expected to enhance Citigroup's CET1 Capital by deconsolidating associated risk-weighted assets [5] Group 2 - Citigroup's decision to exit Russia aligns with similar actions taken by other financial institutions, such as Goldman Sachs, which also received approval to sell its Russian operations [4] - The bank had already begun winding down consumer and local commercial banking in Russia prior to the invasion of Ukraine in 2022, limiting its institutional banking services to meet legal and regulatory obligations [4]