The Citigroup board has approved the sale of AO Citibank, its remaining business unit in Russia

After first announcing efforts to reduce its operations and exposure in Russia, the Citigroup board has officially approved the sale of the remaining business in Russia, AO Citibank, to investment bank Renaissance Capital.

The sale is expected to result in a pre-tax loss of around $1.2 billion in the current quarter, with the number subject to changes in the market as the projected loss is primarily driven by currency translation adjustments, according to Finextra.

„Citi confirmed today that it has obtained the internal approvals required to proceed with the planned sale of AO Citibank, which conducts Citi’s remaining operations in Russia, to Renaissance Capital (RenCap). The sale is anticipated to be signed and closed in the first half of 2026 and is subject to receipt of regulatory approvals for Citi and satisfaction of other conditions.” – according to the press release. 

On December 29, 2025, the Citigroup Inc. (Citi) Board of Directors approved a plan to sell AO Citibank, which conducts Citi’s remaining operations in Russia and is currently reported within Services, Markets, Banking and All Other—Legacy Franchises. As a result of this approval:

. Citi will report its remaining business in Russia as “held for sale” as of the fourth quarter 2025, with the sale anticipated to sign and close in the first half of 2026.

. The “held for sale” accounting treatment results in a pre-tax loss on sale for the fourth quarter 2025 of approximately $1.2 billion ($1.1 billion after-tax), which is recognized as a reduction of Other Revenue through a valuation allowance. The loss on sale consists of (i) an approximate $1.6 billion related to the currency translation adjustment (CTA) losses that will also remain in Accumulated Other Comprehensive Income (AOCI) until closing, partially offset by (ii) an approximate $0.2 billion expected benefit from the future derecognition of its fully reserved net investment, and (iii) an approximate $0.2 billion of expected proceeds of the future sale. All amounts are as of September 30, 2025.

Full details can be found in the Form 8-K.

In August 2022, Citibank announced that, as part of its ongoing efforts to reduce its operations and exposure in Russia, it was winding down its consumer banking and local commercial banking operations.

In November 2025, Russian President Vladimir Putin gave permission for Renaissance Capital to buy the Russian operations of Citibank.