Putin approves Citi’s sale of Russia unit to Renaissance, Bloomberg reports

Russian President Vladimir Putin has approved Citigroup’s (C) sale of its Russian bank unit to Renaissance Capital, continuing a series of Kremlin-approved banking exits, Bloomberg’s Greg Sullivan and Todd Gillespie report. Earlier this year, similar approvals were granted for Goldman Sachs (GS), Natixis (NTXFY), and ING Groep (ING) to sell their Russian operations. A Citigroup spokesman confirmed the announcement from Russia’s presidential office, though he noted the deal would be subject to additional regulatory approval.