Renaissance Capital Completes Buyout of Citibank’s Russian Operations - The Moscow Times
Moscow Times
February 19, 2026
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Renaissance Capital, a prominent Moscow-based investment bank, has finalized its acquisition of Citibank’s Russian operations in a deal valued at an undisclosed amount. The transaction marks the culmination of a process that began in 2021 when Citigroup announced plans to sell its Russian consumer banking business, later opting to cease operations entirely following Russia’s invasion of Ukraine. Now, under new ownership, Citibank’s Russian subsidiary, AO Citibank, will rebrand as AO RenCap Bank and continue serving existing clients, including foreign investment banks and funds, as a standalone entity. This strategic move aligns with Renaissance Capital’s long-standing focus on servicing international investors, as highlighted by CEO Maxim Orlovsky.
The acquisition gained approval from Russian President Vladimir Putin in November 2022, following Citigroup’s U.S. board’s decision to authorize the sale, which is expected to result in a $1.1 billion loss for the bank. Since the invasion of Ukraine, Citibank has drastically scaled back its operations in Russia, ceasing debit card issuance, closing its last retail branch in Moscow, and winding down other activities. This exit underscores the challenges foreign banks face in operating under Russia’s stringent post-sanctions environment, which includes asset sales, steep “exit taxes,” and mandatory government approval.
Renaissance Capital, one of the few Russian financial institutions not currently subject to Western sanctions, has positioned itself as a key player in the Russian banking sector. The acquisition bolsters its market presence, particularly in custody operations, a sector where Citibank previously held a leading position. With this deal, Renaissance Capital is poised to expand its services to foreign investors while continuing to navigate the complex regulatory landscape imposed by Russia’s strict exit rules.
The sale of Citibank’s Russian subsidiary also highlights the shrinking presence of Western banks in Russia. Following Citibank’s departure, only a handful of international banks remain, including Austria’s Raiffeisen Bank, Italy’s UniCredit, and Hungary’s OTP Bank. This trend reflects the broader challenges foreign businesses face in operating within Russia’s increasingly isolated economy, particularly under the weight of sanctions and restrictive government policies.
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Originally published on Moscow Times on 2/19/2026