Putin approves sale of Goldman Sachs’ Russian unit to Armenian investment fund, 31 January 2025

President Vladimir Putin signed a decree...allowing the Armenian investment fund Balchug Capital to acquire the Russian subsidiary of U.S. investment bank Goldman Sachs.

Goldman Sachs, which had operated in Russia since 2009, was the first Wall Street firm to exit the country following Moscow’s full-scale invasion of Ukraine.

In 2023, a Moscow court temporarily froze $36 million of Goldman Sachs’ Russian assets over claims that the bank had failed to settle a multibillion-dollar debt with a Russian-owned bank.

Russia’s Central Bank revoked Goldman Sachs’ broker and dealer licenses in August 2024, as the firm was reportedly planning to retain only a banking license...

Goldman Sachs had entered into a “binding” agreement to sell its Russian unit, Reuters reported...citing an anonymous source. The terms of the deal were not disclosed...