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Putin allows Armenian fund to buy Goldman Sachs shares in Russian public companies

According to a Wednesday decree, Russian President Vladimir Putin authorized Armenian investment firm Balchug Capital, to purchase shares held by Goldman Sachs Russian subsidiary, in nine major Russian companies, mainly in the energy sector.

Balchug Capital, Goldman Sachs and other companies did not respond immediately to our requests for comments.

Balchug Capital is

The green light

According to a separate order, the U.S. Bank will purchase Goldman Sachs’ subsidiary in Russia by January. This will allow the bank to exit the Russian market, and to extract some of the capital that is stuck there.

Since the beginning of the Ukraine war, Moscow has tightened its restrictions on the sale of foreign assets. Any deal involving energy companies or banks requires Putin's approval.

The decree was published on the Russian government portal. It stated that Balchug Capital would be able to buy Goldman Sachs International shares in energy companies Gazprom and Rosneft as well as Lukoil and Tatneftegas. They could also purchase shares in NLMK steelmaker, InterRAO electricity operator and Rostelecom telecoms provider. Reporting by Alexander Marrow and in Moscow; Additional reporting by Felix Light, Editing by Mark Trevelyan

(source: Reuters)