MOSCOW, Nov 12 (Reuters) – Russian President Vladimir Putin on Wednesday gave the green light for Citibank to sell what remains of what was once one of the largest foreign-owned banks in Russia, which serviced the Russian operations of major U.S. firms.
Local investment bank Renaissance Capital, part of a shrinking pool of Russian banks not under Western sanctions, was named as the buyer in a decree by Putin that was published on the Kremlin’s website.
Under measures introduced by Russia to counter Ukraine-related Western sanctions, the deal required presidential approval to proceed.
“We can only confirm the news that has been released so far, but without additional details,” Renaissance said.
Citibank in Russia said the transaction requires additional approvals, declining to comment further.
Citibank announced in August 2022 that, as part of its ongoing efforts to reduce its operations and exposure in Russia, it would wind down its consumer banking and local commercial banking operations.
“As of 2025, Citi’s only operations in Russia are those necessary to fulfill its remaining legal and regulatory obligations,” the bank said in a statement earlier this year.
Only a handful of Western banks are operating in Russia, providing a link to the Western financial system for remaining Western businesses. The largest are Austria’s Raiffeisen, Italy’s UniCredit and Hungary’s OTP.
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Source: Reuters