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Putin approves sale of US-based Citibank's assets to Russian firm
(MENAFN) Russian President Vladimir Putin has authorized the transfer of Citibank’s Russian assets to the domestic company Renaissance Capital-Financial Consultant.
A presidential order released Wednesday grants the Russian firm permission to acquire the US bank’s operations in the country, though no further details were provided.
Citigroup had announced in August 2022 that it would exit consumer and commercial banking in Russia following the outbreak of the Russia-Ukraine conflict. Similar sales of Western financial assets, such as those of Goldman Sachs, have previously been executed amid sanctions and widespread corporate departures.
In response, Putin also mandated that all transactions involving citizens of so-called “unfriendly countries” undergo review by a special government panel.
A presidential order released Wednesday grants the Russian firm permission to acquire the US bank’s operations in the country, though no further details were provided.
Citigroup had announced in August 2022 that it would exit consumer and commercial banking in Russia following the outbreak of the Russia-Ukraine conflict. Similar sales of Western financial assets, such as those of Goldman Sachs, have previously been executed amid sanctions and widespread corporate departures.
In response, Putin also mandated that all transactions involving citizens of so-called “unfriendly countries” undergo review by a special government panel.
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