Published by Global Banking & Finance Review®
Posted on November 12, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GooglePutin approves Citibank's sale in Russia to Renaissance Capital, navigating Western sanctions. Citibank plans to minimize operations by 2025.
MOSCOW (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 did not respond to a request for comment.
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.
(Reporting by Reuters, Writing by Felix Light and Gleb Bryanski; Editing by Mark Trevelyan)
Citibank is a global bank that provides a wide range of financial services, including consumer banking, credit cards, corporate banking, and investment banking. It is one of the largest foreign-owned banks operating in various countries.
Western sanctions are restrictive measures imposed by Western countries, typically aimed at influencing a country's behavior or policies. These can include economic sanctions, trade restrictions, and financial penalties.
A decree is an official order issued by a legal authority. In this context, it refers to the formal approval given by President Putin for the sale of Citibank's Russian operations.
Consumer banking refers to the services provided by banks to individual customers, including savings and checking accounts, loans, mortgages, and credit cards.
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