Putin allowed Citigroup to sell its Russian bank to Renaissance Capital

Russian dictator Vladimir Putin signed a decree that opens the way for the American financial corporation Citigroup Inc. to sell its Russian bank to the investment company Renaissance Capital. This decision became part of the process of Western banks exiting the Russian market after the start of the war in Ukraine. This was reported by Bloomberg, writes UNN.

DetailsA government document released on Wednesday confirms that the Kremlin has granted official permission for the sale of Citigroup’s Russian assets. The decree does not contain other details of the deal, including the amount or terms of the transfer.

Back in August 2022, Citigroup announced the cessation of consumer and commercial banking operations in Russia, citing the Kremlin’s invasion of Ukraine.

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After the start of the full-scale war, Putin introduced a special procedure for approving deals for companies from “unfriendly countries.” The relevant government commission established strict requirements – from understating the value of assets to mandatory payments to the Russian budget.

Thus, Citigroup’s permission to sell its Russian division indicates the continuation of the controlled exit of Western banks from the Russian market under the Kremlin’s conditions.

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