One of the leading American banks – Citibank – has completed its exit from the Russian market by selling off its assets in the Russian Federation. Citibank was one of the largest Western financial institutions operating in Russia and ranked among the top twenty in terms of assets in the country.
This is reported by Finway
Transfer of Citibank’s Russian Subsidiary
All of Citibank’s Russian assets, including its subsidiary bank, will be transferred to the ownership of the financial group Renaissance Capital. Until 2024, this group was owned by the well-known billionaire Mikhail Prokhorov, who was previously a presidential candidate in Russia and received 8% of the votes in the 2012 elections.
The corresponding permission to finalize the deal was granted by Kremlin leader Vladimir Putin, who signed the relevant decree. The financial details of the transaction, including the exact sale amount, are not officially specified in the documents.
Gradual Exit of Citibank from Russia
Citibank has been operating in the Russian Federation since the early 1990s. However, the decision to gradually scale down its business was made back in 2021, prior to Russia’s full-scale invasion of Ukraine. Following the onset of the war, the bank significantly accelerated its exit from the market: from 2022 to 2025, the volume of loans issued decreased by 98%, while deposits from individuals and balances in corporate accounts shrank by 90 to 150 times.
Having operated in Russia since the early 1990s, Citi decided to divest its Russian business even before the onset of the major war between Russia and Ukraine — in 2021. After the invasion of Ukraine, it began to scale down operations: from 2022 to 2025, the volume of loans issued by the bank decreased by 98%, while the volume of individual deposits and funds in corporate accounts fell by 90 to 150 times.