Citi Bank has confirmed it will sell AO Citibank, which conducts the firm’s remaining operations in Russia, to Renaissance Capital.

The sale is expected to close in the first half of the year, subject to regulatory approvals.

The sale will result in a pre-tax loss on sale for the fourth quarter 2025, which the bank said is largely related to the currency translation adjustment (CTA) losses that will also remain in Accumulated Other Comprehensive Income (AOCI) until closing.

In August 2022, Citi said that as part of its continued efforts to reduce its operations and exposure in Russia due to the war with Ukraine, it would wind down its consumer banking and local commercial banking operations in the country.

Two months later, the company announced that it would be discontinuing nearly all the institutional banking services offered in Russia.

Currently, Citi’s only remaining operations in Russia are those necessary to fulfil its remaining legal and regulatory obligations.

In January 2025, Dutch bank ING announced it would sell its Russian business to Moscow-based firm Global Development JSC, marking its full exit from the Russian market.

The deal resulted in a €700 million post-tax loss for ING.

Under the agreement, Global Development JSC, a company owned by a Moscow-based financial investor with a background in factoring services, will acquire all shares of ING Bank (Eurasia) JSC.

ING said it has not taken on any new business with Russian companies since the start of the war, reducing its total lending exposure to Russian clients by more than 75 per cent.

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