Russia approves Citibank Russia sale to Renaissance Capital

Russian President Vladimir Putin has reportedly authorised the merchantability of Citibank’s remaining Russian operations to Renaissance Capital, done a statesmanlike decree.

According to Reuters, the support is required nether Russian rules introduced successful effect to Western sanctions pursuing the country’s subject actions successful Ukraine.

Renaissance Capital, a home concern slope not taxable to Western sanctions, has been named arsenic the purchaser of Citibank’s Russian assets.

Renaissance Capital was quoted by Reuters arsenic saying: “We tin lone corroborate the quality that has been released truthful far, but without further details.”

Citibank’s Russian portion told to the quality bureau that the transaction requires further approvals.

In a connection earlier this year, the slope said: “As of 2025, Citi's lone operations successful Russia are those indispensable to fulfil its remaining ineligible and regulatory obligations.”

After Western companies exited Russia successful February 2022, the Russian authorities has imposed strict requirements connected overseas companies seeking to permission the country, said Bloomberg.

This included important reductions successful plus valuations and mandatory contributions to the authorities budget, which person analyzable the process for Western companies readying to permission the Russian market.

Citibank was 1 of the largest foreign-owned banks operating successful Russia and servicing the Russian operations of large US firms.

In August 2022, Citigroup reportedly announced its plans to upwind down its user and commercialized banking activities successful Russia.

Reports astatine the clip indicated talks with entities specified arsenic Expobank and Reso-Garantia, an security provider.

Only a tiny fig of Western banks proceed to run successful Russia, including Austria’s Raiffeisen Bank, Italy’s UniCredit, and Hungary’s OTP, said Reuters.

"Russia approves Citibank Russia merchantability to Renaissance Capital" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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