Putin Okays Citi’s Russia Exit as Bank Reorganizes Worldwide

Russian President Vladimir Putin signed an order permitting Citigroup to sell its Russia-based division to emerging markets investment bank Renaissance Capital, David Hollerith reported for Yahoo Finance.

Sanctions and other complexities surrounding international transactions made an outright sale of the unit difficult for years. (Photo: Mike Mozart Flickr) 

A Citigroup spokesperson confirmed approval from the Russian Presidential Office for the potential sale but added that additional approvals from U.S. regulators are still required for the deal to close.

Citi’s stock rose 2.6% at one point this week and is up 47% so far in 2025.

Citigroup first announced plans to sell its Russian consumer business in 2021 but later decided to offload its entire Russia-based subsidiary — known as AO Citibank — following the outbreak of the Russia-Ukraine war the next year.

Sanctions and other complexities surrounding international transactions made an outright sale of the unit difficult for years.