The Last Major U.S. Bank Has Finally Left Russia

• 12.11.2025, 17:42

He's been working for the RF since the early 90s.

American Citibank - one of the largest Western banks on the Russian market, ranked among the top 20 in the country in terms of assets - is finally leaving Russia, writes The Moscow Times.

Citi's Russian subsidiary, Citibank, will be sold to Renaissance Capital, a financial group owned until 2024 by billionaire Mikhail Prokhorov, a former presidential candidate who won 8 percent of the vote in the 2012 election.

The order authorizing Citi to sell the Russian bank to Renaissance was signed by Putin on Wednesday. The amount of the deal is not disclosed in the document.

Citi, which has been working in Russia since the early 1990s, decided to get rid of the Russian business before the war began - in 2021. And after the invasion of Ukraine, it began to curtail operations: in 2022-25, the volume of loans issued by the bank decreased by 98%, and the volume of deposits of individuals and funds in corporate accounts decreased 90-150 times.