Citi finally leaves the Russian market: subsidiary structure sold to Renaissance Capital
American Citibank decided to make a final exit from Russia by selling its subsidiary structure to the financial group Renaissance Capital, which was once owned by billionaire Mikhail Prokhorov.
Citibank, one of the largest Western banks in the Russian market, decided to leave Russia by the beginning of 2022. The decision to sell the Russian structure was confirmed after the signing of the relevant order by Russian President Vladimir Putin, reports The Moscow Times. The owner of Renaissance Capital until 2024 was Mikhail Prokhorov, a well-known entrepreneur and former candidate for the presidency of Russia.
Citi’s exit from the Russian market is taking place against the backdrop of a significant reduction in business operations following the start of the war in Ukraine. From 2022 to 2025, the bank significantly reduced the volume of issued loans, which decreased by 98%, as well as deposits of individuals and corporate accounts, which decreased by 90-150 times. In recent years, Citi has stopped servicing debit cards and operations through the fast payment system.
It is worth mentioning that another European bank, Austrian Raiffeisenbank, also tried to sell its business in Russia but faced obstacles from the local authorities.
| Indicator | 2022 | 2025 |
|---|---|---|
| Loans | -98% | |
| Individual deposits | Up to -150 times | |
| Corporate accounts | Up to -150 times |
Analysts believe that such changes in the Russian financial market may lead to decreased competition and availability of financial services for clients, especially in Western banks that had some influence in the market.
