By Anadolu Agency
November 12, 2025 5:27 pmISTANBUL
Russian President Vladimir Putin has approved the sale of the US-based Citibank’s assets in Russia to a company called “Renaissance Capital-Financial Consultant.”
The Russian government on Wednesday released a signed presidential order authorizing the sale. There were no more specifics regarding the sale in the document.
The order permitted Renaissance Capital-Financial Consultant, a Russian company, to acquire Citibank’s assets in the country.
Following the start of the Russia-Ukraine war, Citigroup announced in August 2022 that it would cease its consumer and commercial banking activities in Russia.
The assets of other financial institutions in the country, such as Goldman Sachs, have previously been sold to Russian companies, and numerous Western companies have ceased operations in Russia following the sanctions.
In response to Western firms’ departure from Russia, Putin issued an order requiring all transactions involving citizens of allegedly “unfriendly countries” to be reviewed by a special government panel.
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