Vladimir Putin allows Renaissance Capital to buy Russia's Citibank
President Vladimir Putin signed an order allowing Renaissance Capital (Renaissance Capital Financial Consultant LLC) to acquire 100% of the shares of Russia's Citibank. Special permission is required due to a decree that prohibits companies from unfriendly countries from trading in securities of Russian strategic companies (including banks).
No other permissions from Russian authorities are required to complete this transaction, the decree states. However, a Citibank representative told RBC that "the transaction does require additional approvals," and therefore no further comment will be provided.
The U.S. financial group Citigroup announced its intention to wind down its retail business in Russia in spring 2021. In 2022, after the start of military operations in Ukraine, the group announced the almost complete cessation of its Russian subsidiary's activities. This involved the termination of operations serving private and corporate clients in the small and medium-sized business segment.
According to website Banki.ru, as of 1 October 2025, Citibank ranked 17th in Russia in terms of assets (RUB 1.1 trillion). Since the beginning of the year, the credit institution's assets have increased by 23%, but its loan portfolio has been virtually wiped out. In December 2022, Citibank sold its consumer loan portfolio to Uralsib Bank.
As of 1 November 2025, as noted by Interfax, Citibank stopped offering and servicing personal savings accounts and stopped paying interest on them. The bank asked customers to transfer their balances to another credit institution.
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05.12.25