Putin Approves Sale of Citibank Assets to Russian Firm
On Wednesday, the Russian government published a presidential decree confirming the approval of the sale.
The document did not provide further details concerning the transaction.
The decree allows the Russian enterprise Renaissance Capital-Financial Consultant to take ownership of Citibank's assets within the country.
After the onset of the Russia-Ukraine conflict, Citigroup announced in August 2022 that it would discontinue its consumer and commercial banking services in Russia.
Previously, the assets of other international financial institutions, including Goldman Sachs, were sold to Russian companies, while many Western corporations have halted their operations in Russia due to sanctions.
In reaction to the exit of Western firms, Putin issued a decree mandating that all dealings involving citizens of supposedly "unfriendly countries" undergo scrutiny by a dedicated government panel.
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