Putin Approves U.S.-Based Citibank's Assets Sale to Russian Company
The Russian government unveiled a signed decree on Wednesday enabling Renaissance Capital-Financial Consultant, a Moscow-based investment entity, to assume control of the shuttered banking operations. Officials released minimal detail about the transaction's financial scope or timeline.
The development represents an accelerating pattern of Western asset seizures since hostilities erupted in Ukraine. Citigroup terminated all consumer and commercial banking services across Russia in August 2022, joining a mass exodus of international firms withdrawing capital and operations.
Prior financial collapses have followed similar trajectories. Goldman Sachs' Russian holdings were previously liquidated through sales to domestic buyers, exemplifying the broader retreat that has consumed the sector following multilateral economic penalties.
Putin responded to the corporate withdrawals by instituting a stringent oversight mechanism: all financial dealings involving nationals from designated "unfriendly nations" now face mandatory review by a state-appointed governing body, effectively cementing government control over transactions tied to sanctioned countries.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
