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Citigroup Sells Last Russian Business, Faces $1.2B Loss

12/30/2025

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Summary

Story summary

On December 29, 2025, Citigroup approved the sale of AO Citibank, its last business in Russia, to Renaissance Capital.
The deal will incur a pre-tax loss of about $1.2 billion this quarter.
Citigroup expects to finalize the sale by mid-2026.
Citigroup will classify Russian operations as "held for sale" starting Q4 2025.
The move follows Vladimir Putin's approval and Citigroup's exit from Russia since August 2022.

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Story summary

On December 29, 2025, Citigroup approved the sale of AO Citibank, its last business in Russia, to Renaissance Capital.
The deal will incur a pre-tax loss of about $1.2 billion this quarter.
Citigroup expects to finalize the sale by mid-2026.
Citigroup will classify Russian operations as "held for sale" starting Q4 2025.
The move follows Vladimir Putin's approval and Citigroup's exit from Russia since August 2022.