Putin Approves Armenian Fund's Acquisition of Goldman Sachs' Russian Shares

President Vladimir Putin has approved Goldman Sachs International to sell shares in key Russian companies, including major oil and gas producers like Rosneft and Gazprom, to the Armenian investment fund Balchug Capital, in a deal valued at approximately $87 million. This move allows Balchug Capital to trade these shares on the market without requiring further approval from Russian authorities. Goldman Sachs had previously begun winding down its operations in Russia following the full-scale invasion of Ukraine and had its assets frozen by a Moscow court over debt issues. The recent decree is part of a broader effort to manage foreign investments in Russia, especially from nations deemed 'unfriendly.' Balchug Capital, led by David Amaryan, has been involved in acquiring Russian assets amid the ongoing geopolitical tensions. The approval for this sale follows earlier measures permitting foreign investors to engage in some transactions related to Russian securities.