Putin Authorizes Citigroup to Sell Russian Bank Unit to Renaissance Capital

WISE NEWS PRESS / MOSCOW, RUSSIA — Nov. 12, 2025

Russian President Vladimir Putin has approved the sale of US banking giant Citigroup Inc.'s banking unit in Russia, a move seen as the latest step in the withdrawal of Western financial institutions from Moscow.

A presidential decree published by the Kremlin on Wednesday stated that "Citigroup Inc. has been permitted to sell its bank within the country." The decree identified the buyer as Renaissance Capital, a Russian investment bank.

The decree, which did not include details of the sale, follows a series of similar Kremlin-approved exits this year. Previously, Putin signed decrees allowing Goldman Sachs Group to transfer its Russian business to Balchug Capital and the French firm Natixis to dispose of its Russian operations. In January, the Dutch firm ING Groep NV reached an agreement to sell its local operations to Global Development JSC.

Citigroup had been gradually winding down its corporate banking activities in Russia for some time. As of September, the bank reported a risk exposure of approximately $13.5 billion (€12.56 billion) linked to the country. This figure was up from $9.1 billion (€8.46 billion) a year earlier. The increase in risk largely stemmed from corporate dividends obtained in the third quarter.

Renaissance Capital, which gained prominence in the post-Soviet era by organizing IPOs in both London and Moscow, is known as one of Russia's most established investment banks. Although the bank began closing its offices in London, New York, and Johannesburg in 2022, it has continued its activities in Russia uninterrupted.

The approval of the sale is expected to accelerate Citigroup's complete withdrawal from the Russian market and demonstrates that the Kremlin is taking an increasingly direct role in the exit processes of Western companies.

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