Putin approves Goldman Sachs’ Russia exit

AFP | Moscow

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Russian President Vladimir Putin on Friday gave the green light to investment bank Goldman Sachs to offload its Russian subsidiary, a highly symbolic departure amid the Western corporate exodus.

The US bank, which was hired by the Kremlin in the 1990s to help attract foreign investors, announced plans to leave Russia in March 2022, just days after Moscow launched its fullscale military offensive on Ukraine.

Hundreds of Western companies have exited the country since, most selling at cut-down prices amid counter-sanctions introduced by Moscow to punish those seeking to leave.

Putin signed a decree on Friday authorising the sale of 100 percent of the shares of Goldman Sachs’s Russian unit to Balchug Capital, an Armenia-based investment firm.

There were no details on the terms of the deal.