Russian President Vladimir Putin has approved the sale of Citibank’s Russian operations to Renaissance Capital, complying with Russian rules in response to Western sanctions from actions in Ukraine. Renaissance Capital, a local investment bank not under sanctions, is set to acquire Citibank’s assets. Citibank announced plans to wind down Russian operations in August 2022. Western companies face challenges leaving Russia due to asset valuation reductions and state budget contributions. Only a few Western banks remain in Russia, including Raiffeisen Bank, UniCredit, and OTP. (Words: 50)

Read more at Yahoo Finance: Russia approves Citibank Russia sale to Renaissance Capital