Citi has received internal approval to proceed with the sale of AO Citibank, which manages Citi’s remaining business in Russia, to Renaissance Capital (RenCap).

The AO Citibank Russia sale approval marks a step towards the anticipated signing and closure of the transaction in the first half of 2026, subject to regulatory clearance and other conditions.

The company stated that it will report its Russian business as “held for sale” from the fourth quarter 2025.

As a result of this accounting treatment, Citi expects to record a pre-tax loss on sale for the fourth quarter 2025 of nearly $1.2bn ($1.1bn after-tax), attributed mainly to currency translation adjustment (CTA) losses.

These CTA losses will remain in Accumulated Other Comprehensive Income (AOCI) until closing. The total impact of CTA, both at the time of the loss on sale and at closing, is expected to be capital neutral to Citi’s Common Equity Tier 1 (CET1) Capital.

In November 2025, Russian President Vladimir Putin authorised the sale of Citibank’s remaining Russian operations to RenCap through a presidential decree.

Citibank was one of the largest foreign-owned banks operating in Russia and servicing the Russian operations of major US firms. 

In August 2022, Citigroup announced its plans to wind down its consumer and commercial banking activities in Russia. 

Reports at the time indicated talks with entities such as Expobank and Reso-Garantia, an insurance provider. 

Only a small number of Western banks continue to operate in Russia, including Austria’s Raiffeisen Bank, Italy’s UniCredit, and Hungary’s OTP.

Separately, in December 2024, Citigroup began introducing new artificial intelligence (AI) tools to its global workforce, with around 140,000 employees set to gain access. In a memo, Citigroup’s head of technology and business enablement Tim Ryan outlined the capabilities of these tools, including Citi Assist and Citi Stylus.