Citibank Was the Last Major US Bank Standing in Russia—Now It’s Gone

American Citibank, one of the largest Western financial institutions operating in Russia since the 1990s, has finalized its exit from the country with the sale of its local subsidiary to Renaissance Capital, a financial group once owned by billionaire and former presidential candidate Mikhail Prokhorov, The Moscow Times reported on November 12.

The sale was authorized by a decree signed by Russian leader Vladimir Putin, though the transaction amount was not disclosed.

Citibank had announced plans to divest from Russia in 2021, prior to the full-scale invasion of Ukraine in 2022, and began a gradual wind-down of operations thereafter, The Moscow Times wrote.

Between 2022 and 2025, Citi’s Russian loan portfolio shrank by 98 percent, while deposits from individuals and corporations fell by up to 150 times.

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The bank closed all debit card services, halted transfers through Russia’s Faster Payments System, and shut its final retail branch in Moscow in late 2024. By October 2025, it had ceased all savings account operations, according to The Moscow Times.

Most Western banks have sought to withdraw from Russia since it’s full-scale invasion of Ukraine began, but only a few—including France’s Société Générale, the Netherlands’ ING, and the US-based Goldman Sachs—have successfully completed sales.

Raiffeisenbank remains the largest Western lender still active in Russia but has faced increasing pressure from the Kremlin, which has reportedly blocked attempts to sell the business in order to preserve what Moscow considers vital “financial bridges” with Europe, a key buyer of Russian oil and gas, The Moscow Times stated.

Previously, it was reported that Raiffeisen Bank International’s Russian division has conducted transactions for companies supplying materials to Russia’s military industry.

Raiffeisen is the largest Western bank still operating in Russia. While it announced plans in July 2024 to significantly scale down its operations in the country, it has not fully withdrawn.

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