President Vladimir Putin has authorized the sale of the Russian branch of US investment bank Goldman Sachs, according to a document published on Russia's state legal information portal.
The decree signed by the Russian President on January 30 said that Balchug Capital JSC, owned by billionaire of Armenian origin David Amaryan, will acquire 100% of the shares of Goldman Sachs Bank, owned by US-based Goldman Sachs Group, Inc.
RT said that this move is in line with the Russian President's special decree on special economic measures to respond to "unfriendly actions" by foreign countries and organizations from the West.
Notably, Balchug Capital is not a new player in the market. In 2024, the company acquired the business of Caterpillar, the American giant in manufacturing construction equipment, after the company withdrew from Russia due to the conflict in Ukraine. Currently, Balchug Capital manages assets worth about $2 billion.
As one of the world's largest investment banks, Goldman Sachs led Wall Street in its decision to exit Russia just weeks after the Russia-Ukraine conflict escalated in 2022.
Goldman Sachs’ presence in Russia, however, has never been particularly large. As of 2021, its loan portfolio in Russia was just $650 million, a modest figure compared to its global total. Interfax even ranked Goldman Sachs Bank 230th on its list of Russian banks by total assets.
The deal is part of a broader strategy to restructure Russia’s financial markets after a wave of Western companies retreated. Backed by the Kremlin, local firms and their close allies like Balchug Capital are seizing the opportunity to snap up assets from American giants at bargain prices.
