Not the Final Number
The bank cautioned that the loss tied to the sale could still shift, particularly as foreign exchange rates fluctuate before closing.
Citi also said it will classify its remaining Russian operations as “held for sale” beginning in the fourth quarter of 2025, signaling that the exit process is nearing its final chapters.
Green Light From Moscow
The board’s approval follows a crucial nod from the Kremlin. Last month, Russian President Vladimir Putin authorized Renaissance Capital to acquire Citibank’s Russian operations, clearing a regulatory hurdle that had loomed over the deal.
The approval underscores how foreign exits from Russia often hinge on state consent, turning corporate divestments into high-stakes diplomatic chess matches.
A Wind-Down Years in the Making
Citigroup’s departure from Russia has been unfolding for years. In August 2022, the bank announced it was scaling back its presence, winding down consumer banking and local commercial banking operations as part of a broader effort to reduce exposure in the country.
With the Citigroup Russia unit sale approved, Citi edges closer to closing a costly but deliberate chapter, trading short-term losses for a cleaner balance sheet and a sharper focus on its core markets.
