U.S. financial giant Citigroup is officially selling its operations in Russia. President Vladimir Putin signed an order approving the sale. This action allows the U.S. bank to complete its exit from the country. A Russian company, Renaissance Capital-Financial Consultant, is the buyer.
Citigroup first announced its departure in August 2022. It decided to end its consumer and commercial banking business there. This decision followed the start of the Ukraine conflict. Western sanctions also pressured the bank to leave.
Russia requires presidential approval for all transactions involving assets from “unfriendly countries.” This is a standard measure for firms exiting the Russian market. The approval clears the final hurdle. The sale marks another major Western company leaving the Russian economy.
