Putin Approves Sale of Citigroup’s Operations in Russia

Russian President Vladimir Putin has signed an order allowing U.S. banking giant Citigroup to sell its operations in Russia to Renaissance Capital, continuing a series of Kremlin-approved banking divestments.

The presidential decree, published Wednesday, did not provide further details on the terms of the sale, according to German news agency DPA.

Earlier this year, Putin authorized Goldman Sachs to sell its Russian operations to Baring Vostok Capital, shortly after allowing Natixis to divest its local business. In January, Dutch banking group ING sold its Russian operations to Global Development, a Moscow-based investment company.

These approvals follow a Kremlin directive aimed at controlling Western corporate exits from Russia after its February 2022 invasion of Ukraine. Companies seeking to leave must obtain clearance from a special government committee, which imposes strict conditions including substantial asset write-downs and contributions to the state budget.

Citigroup has largely halted corporate banking services in Russia and is in the process of winding down its retail and corporate units. Nonetheless, as of September 2025, Citigroup’s Russian investments stood at $13.5 billion, up from $9.1 billion the previous year, primarily reflecting corporate client profits in the third quarter.

The move underscores the Kremlin’s cautious approach to Western financial exits, balancing economic control with ongoing foreign capital presence.