Putin Permits Sale of Goldman Sachs' Russian Unit, Enabling Its Exit From Moscow

Russian leader Vladimir Putin issued a decree on January 31 permitting the Armenian investment fund Balchug Capital to acquire the Russian subsidiary of the US investment bank Goldman Sachs Group Inc. According to a source familiar with the matter, who requested anonymity, Goldman has entered into a binding agreement to sell its subsidiary.

Since the start of Russia’s war in Ukraine, Moscow has progressively imposed stricter restrictions on foreign asset sales, requiring banks to obtain Putin’s approval for any transaction, Reuters reported.

According to the bank rankings compiled by banki.ru, Goldman Sachs' Russian subsidiary ranks as the 229th largest lender in the country based on net assets.

Additionally, Reuters stated that nearly three years into Russia’s war against Ukraine, only a few Western banks continue to operate in the country, including Austria’s Raiffeisen Bank, Italy’s UniCredit, and Hungary’s OTP Bank.

Meanwhile, Dutch lender ING Groep announced this week that it has reached a deal to sell its Russian business to local firm Global Development JSC, incurring a $726.2 million (€700 million) loss as a result.

On January 31, US President Donald Trump warned that BRICS nations would face 100% tariffs if they attempted to replace the US dollar with their own currency.