economy
December 30, 2025
US banking giant reveals massive Russia exit cost
Citigroup expects a loss of more than $1 billion from the sale of its remaining business in Russia
TL;DR
- Citigroup expects a pre-tax loss of approximately $1.2 billion from selling its Russian business.
- The loss is largely attributed to currency translation adjustment (CTA) losses.
- The sale is expected to close in the first half of 2026.
- Russian President Vladimir Putin has granted permission for Renaissance Capital to acquire the operations.
- Citigroup initially planned to wind down its Russian operations in August 2022.
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