US EditionPutin Approves Citi’s Russia Sale
Putin authorized Renaissance Capital to acquire Citibank Russia under special rules, finalizing Citigroup’s exit amid sanctions and geopolitical tensions.
- On November 12, President Vladimir Putin authorised the sale of Citibank Russia to Renaissance Capital, finalising Citigroup's exit though the transaction amount was not disclosed.
- Citigroup first moved to sell its Russian consumer business and later opted to close operations following the invasion, initiating a gradual wind-down of Citibank Russia.
- The Kremlin decree permits Renaissance Capital, Moscow-based investment bank, to acquire 100% of Citibank Russia from Citigroup Netherlands B.V. without further regulatory approvals; Renaissance Capital confirmed the deal to Reuters but gave no details.
- Citibank sharply reduced activities, stopped issuing debit cards, closed its last Moscow branch and wound down operations this month, leaving Raiffeisen, UniCredit and OTP Bank as the main Western banks.
- Under special economic measures, Wednesday's decree followed Western banks' withdrawals since the invasion, with Société Générale, ING, and Goldman Sachs completing sales; Renaissance Capital was once controlled by Mikhail Prokhorov.
15 Articles
15 Articles
Putin OKs Citi’s sale of Russian banks — to former Brooklyn Nets owner Mikhail Prokhorov
Russian strongman Vladimir Putin has rubber-stamped the sale of Citi's Russian banking operations to Renaissance Capital, an investment firm that belongs to billionaire Mikhail Prokhorov, the former owner of the Brooklyn Nets.
The American Citibank, which was once among the twenty largest assets in the Russian market, is finally leaving Russia.
Putin Approves Sale of Citibank’s Russian Unit to Renaissance Capital
President Vladimir Putin has authorized the sale of Citibank’s Russian subsidiary to local investment firm Renaissance Capital, according to a decree published on Wednesday, effectively completing the U.S. banking group Citigroup’s withdrawal from Russia.
Citibank Was the Last Major US Bank Standing in Russia—Now It’s Gone
American Citibank, one of the largest Western financial institutions operating in Russia since the 1990s, has finalized its exit from the country with the sale of its local subsidiary to Renaissance Capital, a financial group once owned by billionaire and former presidential candidate Mikhail Prokhorov, The Moscow Times reported on November 12. The sale was authorized by a decree signed by Russian leader Vladimir Putin, though the transaction am…
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