Citigroup said its board of directors has approved plans to sell its remaining business in Russia, AO Citibank to investment bank Renaissance Capital, a move that would result in a pre-tax loss of approximately $1.2 billion this quarter. The deal is expected to be signed and completed in the first half of 2026, according to a SEC filing. Citi said that losses related to sales may be affected by future changes, including changes in exchange rates. In the fourth quarter of 2025, Citi will classify its remaining operations in Russia as “held for sale”. Last month, Russian President Vladimir Putin approved Renaissance Capital's acquisition of Citi's business in Russia.

Citigroup said its board of directors has approved plans to sell its remaining business in Russia, AO Citibank to investment bank Renaissance Capital, a move that would result in a pre-tax loss of approximately $1.2 billion this quarter. The deal is expected to be signed and completed in the first half of 2026, according to a SEC filing. Citi said that losses related to sales may be affected by future changes, including changes in exchange rates. In the fourth quarter of 2025, Citi will classify its remaining operations in Russia as “held for sale”. Last month, Russian President Vladimir Putin approved Renaissance Capital's acquisition of Citi's business in Russia.