Citi has received approval to sell AO Citibank, its remaining business in Russia, to Renaissance Capital. The sale is expected to be finalized in the first half of 2026 pending regulatory approval. Citi will report its Russian business as “held for sale” starting in Q4 2025, expecting a $1.2bn pre-tax loss. Russian President Putin authorized the sale in November 2025. Citibank was one of the largest foreign-owned banks in Russia, serving US firms. Citigroup announced plans to wind down its consumer and commercial banking activities in Russia in August 2022. Only a few Western banks, like Raiffeisen Bank and UniCredit, still operate in Russia. In December 2024, Citigroup introduced new AI tools to its global workforce, benefiting around 140,000 employees.

Read more at Yahoo Finance: Citi secures internal approval for sale of Russian business to RenCap