Overview
- A presidential decree published Nov. 12 permits Renaissance Capital to acquire 100% of AO Citibank from Citigroup Netherlands B.V. without further Russian approvals.
- Renaissance Capital confirmed the transaction to Reuters but provided no details, and Citi said closing requires approvals from U.S. regulators.
- Neither side disclosed the purchase price or an expected closing timeline.
- Renaissance Capital is a Moscow-based investment bank not under Western sanctions and was controlled by Mikhail Prokhorov until 2024.
- Citi has largely wound down local operations since 2022 and recently reported about $11.7 billion in client exposure in Russia, much of it dividends restricted from remittance.