Moscow: Russian President Vladimir Putin has approved the sale of the US-based Citibank's assets in Russia to a company called "Renaissance Capital-Financial Consultant". The Russian government released a signed presidential order authorizing the sale, though the document did not provide more specifics regarding the transaction.

According to Anadolu Agency, the order has permitted Renaissance Capital-Financial Consultant, a Russian company, to acquire Citibank's assets in the country. This move follows Citigroup's announcement in August 2022 that it would cease its consumer and commercial banking activities in Russia, a decision made in the wake of the Russia-Ukraine war.

The sale of Citibank's assets is part of a broader trend where the assets of other financial institutions, such as Goldman Sachs, have been sold to Russian companies. Numerous Western companies have also ceased operations in Russia following sanctions imposed due to geopolitical tensions.

In response to the exodus of Western firms from Russia, President Putin issued an order mandating that all transactions involving citizens of allegedly "unfriendly countries" be reviewed by a special government panel. This review process is indicative of the heightened scrutiny and regulatory measures imposed on foreign transactions in Russia.