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Citigroup Sells Russian Business, Expects $1.2B Loss
30 Dec
Summary
- Citigroup will sell its remaining Russian business, AO Citibank, to Renaissance Capital.
- The sale is projected to result in a pre-tax loss of approximately $1.2 billion.
- The deal is anticipated to be finalized in the first half of 2026.
Citigroup's board has greenlit a plan to divest its remaining Russian business, AO Citibank, to investment bank Renaissance Capital. This strategic exit from Russia is anticipated to result in a substantial pre-tax loss of approximately $1.2 billion for the current quarter. The completion of this sale is projected to occur within the first half of 2026, subject to regulatory approvals and final agreements.
As of the fourth quarter of 2025, Citigroup will formally designate its Russian operations as "held for sale." This decision follows a phased withdrawal from the country, which began in August 2022 with the winding down of its consumer banking and local commercial banking operations. The potential loss figure may be subject to adjustments, including foreign exchange rate fluctuations.
Russian President Vladimir Putin granted permission for Renaissance Capital to acquire Citibank's Russian assets last month. This development marks the final step in Citigroup's strategic decision to significantly reduce its presence and exposure within Russia, concluding a long process of operational adjustments in the region.
