SAN FRANCISCO: Citigroup on Monday said it is selling the last of its business operations in Russia, and expecting to log a US$1.1 billion loss in the process.
The US banking giant anticipated the sale will close in the first half of 2026 but noted it is subject to regulatory approval.
“Citi will report its remaining business in Russia as ‘held for sale’ as of the fourth quarter 2025,” the banking group said in a filing with the Securities and Exchange Commission.
That move will result in an after-tax loss going on its books in the current quarter, Citigroup said in the filing.
AO Citibank, which conducts the company’s remaining operations in Russia, is being sold to Renaissance Capital, according to the financial institution.