Citigroup disclosed that it expects to record an approximately $1.1 billion after-tax loss tied to the planned sale of its remaining Russia business to Renaissance Capital, according to a regulatory filing. The bank plans to classify the remaining operations as held for sale in its fourth-quarter results and anticipates completing the sale of AO Citibank in the first half of 2026. Citi said the estimated loss is driven largely by currency-translation adjustments, and noted the figure could change with FX movements.
The transaction is another step in Citi’s multiyear withdrawal from Russia amid U.S. and EU sanctions, following earlier plans to wind down consumer and local commercial banking and limit activity to legal and regulatory obligations. Citi said the deal moved forward after a November order from Russian President Vladimir Putin allowed the transaction to proceed. While the sale is expected to create an accounting loss, Citi also indicated it could benefit CET1 capital over time, primarily through the deconsolidation of risk-weighted assets tied to the exited operations.
