President Vladimir Putin has sanctioned the acquisition of Citibank’s Russian subsidiary by the local investment firm Renaissance Capital, as stated in a decree released on Wednesday. This move marks the completion of Citigroup’s exit from the Russian market.

The Kremlin’s decree permits Renaissance Capital to purchase the entire 100% stake of Citibank Russia from Citigroup Netherlands B.V. without requiring any further regulatory reviews.

Citigroup initially revealed its intention to divest its Russian consumer operations in 2021 but decided to cease all activities following Russia’s large-scale invasion of Ukraine in 2022.

Subsequently, Citibank significantly scaled back its operations locally, halted the issuance of debit cards, closed its last retail location in Moscow, and has been finalizing its remaining activities this month.

Renaissance Capital is a Moscow-based investment bank and is among the few Russian financial institutions that are not currently facing Western sanctions. Established in the 1990s, it remained under the control of billionaire and former presidential candidate Mikhail Prokhorov until 2024.

Renaissance Capital confirmed the transaction to Reuters; however, they mentioned that they had “no additional details to provide.” Citibank did not respond to requests for comments.

The specifics of the sale were not outlined in the decree or disclosed by either party.

The decree issued on Wednesday falls under the special economic measures enacted following the Russian invasion of Ukraine.

With Citibank’s departure, only a few Western banks remain operational in Russia, including Austria’s Raiffeisen, Italy’s UniCredit, and Hungary’s OTP Bank.