Citigroup selling its Russia business at $1.1 bn loss

San Francisco: Citgroup said on Monday it is selling its last business operations in Russia and expects to book a loss of $1.1 billion in the process.

The US banking giant estimated that the sale would be completed in the first half of 2026, but stated that this was subject to regulatory approval.

“Citi will report its remaining business in Russia as ‘held for sale’ starting in the fourth quarter of 2025,” the banking group said in a filing with the Securities and Exchange Commission. he said.
Citigroup said in its filing that the move would result in an after-tax loss in the current quarter.

According to the statement made by the financial institution, AO Citibank, which carries out the remaining operations of the company in Russia, is being sold to Renaissance Capital.