Citigroup Moves to Offload Russian Operations, Anticipates $1.1 Billion Loss

Citigroup announced on Monday that its board has greenlit a strategy to divest its final business interests in Russia, anticipating a loss of $1.1 billion in the process.

The American financial institution expressed optimism that the sale could be finalized in the first half of 2026, subject to regulatory approvals.

In a submission to the U.S. Securities and Exchange Commission, Citigroup stated, “Citi will categorize its remaining Russian operations as ‘held for sale’ beginning in the fourth quarter of 2025.”

This decision will lead to a post-tax loss reflected in the firm’s financial statements for the current quarter, as noted in the filing.

AO Citibank, which manages the company’s last operational activities in Russia, is set to be acquired by Renaissance Capital, a Moscow-based investment bank.

According to Reuters, President Vladimir Putin recently authorized Renaissance Capital to purchase Citibank’s Russian operations.

Since the onset of the large-scale invasion of Ukraine, Russia has enacted stringent regulations for foreign businesses attempting to exit the market, including significant asset divestments, mandatory «exit taxes,» and requiring government consent, which collectively complicate and inflate the costs for companies seeking to depart.

Reporting from AFP contributed to this article.