Putin Authorizes Sale of Citigroup Bank in Russia to Renaissance Capital

Russian President Vladimir Putin has officially sanctioned the sale of Citigroup Bank in Russia to Renaissance Capital, effectively ending Citigroup's operations in the country more than two years after it announced its withdrawal.

In August 2022, Citigroup declared its intention to exit both retail and corporate banking in Russia in response to the geopolitical fallout from the Russian invasion of Ukraine, joining a broader trend of Western companies leaving the Russian market.

The presidential decree issued today did not provide specific details regarding the financial aspects of the transaction or the timeline for its execution.

This decision concludes a prolonged period of regulatory challenges for Citigroup, which faced significant scrutiny from Russian authorities since its exit announcement.

Renaissance Capital, a prominent financial institution in Russia known for its investment and banking services, is viewed as a fitting successor for Citigroup's assets in the region.

The approval of this sale underscores the Kremlin's stringent oversight of foreign companies' departures, as such transactions now require direct approval from the president amid escalating geopolitical tensions and Western sanctions against Russia.