Russian President Vladimir Putin has officially approved the sale of Citigroup’s Russian consumer banking business. This move marks a significant step in the US financial giant’s withdrawal from the country, a process initiated in response to the ongoing geopolitical tensions and international sanctions.
The Kremlin’s approval is a crucial hurdle cleared for Citigroup, which has been seeking to divest its Russian operations for some time. The sale is expected to proceed under the new ownership, signalling a further reduction of Western financial institutions’ presence in Russia.
Sources
- Client Challenge, Financial Times.
