Russian President Vladimir Putin signed an order allowing Citigroup to sell its Russia-based division to Renaissance Capital. Additional US regulatory approvals are needed for the deal to close. Citi’s stock rose 2.6% Wednesday, up 47% in 2025. The bank had $11.7 billion in clients’ exposure to Russia as of September, mostly corporate dividends. The sale to Renaissance Capital is part of Citi’s transformation effort under CEO Jane Fraser, aiming to offload 14 banking units worldwide.

Citi first announced plans to sell its Russian consumer business in 2021, pivoting to offload its entire Russia-based subsidiary following the Russia-Ukraine war. Sanctions and complexities delayed the sale for years. Citi ended most institutional banking services in Russia by March 31, 2023, maintaining only necessary services to fulfill legal obligations.

The deal with Renaissance Capital includes all remaining consumer and institutional business in Russia. Citi has offloaded nine international subsidiaries under CEO Jane Fraser’s leadership, aiming to cut costs and boost profitability. The bank is also seeking to wind down operations in Korea and China, with plans to sell its Mexico consumer banking unit through an IPO.

Read more at Yahoo Finance: Putin greenlights Citi’s Russia exit as part of bank’s worldwide reorganization