Putin Allows Sanctioned Expobank to Buy HSBC’s Russian Unit

Russian President Vladimir Putin allowed Expobank to buy HSBC Holdings Plc’s local unit, letting Europe’s biggest lender exit the country following the invasion of Ukraine.

Expobank, owned by Russian entrepreneur Igor Kim, was in advanced talks to buy HSBC’s business before the Kremlin tightened control over the exit of foreign firms in the banking and energy sectors in August 2022. The approval was published in a decree on the country’s legal database Monday.

It is not immediately clear if Expobank will be able to close the deal, even with Putin’s permission, because it became subject to US sanctions in ...