Putin approves sale of US-based Citibank's assets to Russian company

2025-11-13 04:29:00

(MENAFN) Russian President Vladimir Putin has authorized the transfer of Citibank’s assets in Russia to a domestic company named “Renaissance Capital-Financial Consultant,” according to reports.

The Russian government released a presidential order on Wednesday approving the transaction, although the document provided no additional details about the sale. The order allows Renaissance Capital-Financial Consultant to take ownership of Citibank’s operations in the country.

Citigroup had announced in August 2022 that it would exit its consumer and commercial banking business in Russia following the outbreak of the Russia-Ukraine war.

Assets of other international financial institutions, including Goldman Sachs, have similarly been sold to Russian firms, while many Western companies have halted operations in the country due to sanctions.

In reaction to the withdrawal of foreign firms, Putin also issued an order mandating that all transactions involving citizens of so-called “unfriendly countries” be reviewed by a special government panel.

MENAFN13112025000045017281ID1110337726

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.