Citi to Take $1.1 Billion Loss on Russian Business Unit Sale (1)

Citigroup Inc. said it expects to post a roughly $1.1 billion after-tax loss on the sale of its remaining business in Russia to Renaissance Capital.

The bank plans to account for the remaining operations as “held for sale” in its fourth-quarter earnings and expects to complete the sale of AO Citibank in the first half of 2026, according to a regulatory filing Monday.

Citigroup had been mulling an exit from the country for years amid escalating sanctions from the US and European Union. Other lenders have also scaled back, with Goldman Sachs Group Inc. gaining approval earlier this year to ...