Russian President Vladimir Putin approved the sale of Citibank assets owned by Citigroup Netherlands B.V. Renaissance Capital-Financial Consultant company. This follows from the order of the President of the Russian Federation, posted on the website of the official publication of legal acts on Wednesday, November 12.
The decision was made as part of the implementation of the presidential decree on the application of special economic measures in the financial and fuel and energy sectors “in connection with the unfriendly actions of some foreign states and international organizations.”
The document does not provide additional details about the transaction.
Citibank in Russia is included in the list of banks with which transactions for foreign investors from “unfriendly countries” are possible only with the approval of the president.
Citigroup back in 2021 decided to sell its retail business in a number of countries, including Russia. After the outbreak of the conflict in Ukraine, the company announced its gradual withdrawal from the Russian market and the closure of its retail and corporate businesses.