While Western corporations continue to encounter financial and legal obstacles when trying to quit the Russian market, Citi has obtained the internal permissions required to move forward with the sale of its remaining operations there. The US bank stated earlier this week that it had received the required internal approvals to sell AO Citibank, which manages Citi’s remaining operations in Russia, to Renaissance Capital.
To move forward with the proposed sale of AO Citibank, which manages Citi’s remaining activities in Russia, to Renaissance Capital (RenCap), Citi announced today that it has received the necessary internal clearances. Subject to regulatory clearances and other closing conditions, the transaction is anticipated to be signed and finalized in the first half of 2026.
Citi stated in a filing with the US Securities and Exchange Commission that it anticipates recording a pre-tax loss on the transaction in the fourth quarter of 2025 of about $1.2 billion (€1.022 billion), or about $1.1 billion (€936 million) after taxes. Currency translation adjustment (CTA) losses, which reflect the effects of exchange rate changes over time, are the primary cause of the loss.
According to Citi, currency fluctuations over time account for approximately $1.6 billion (€1.36 billion) of the loss, which is partially offset by the anticipated sale price and other adjustments. The bank’s balance sheet presently shows these currency-related losses separately, and they won’t be officially tallied until the transaction is finalized.
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