Putin allowed Balchug Capital to buy the Russian “daughter” Goldman Sachs

“To allow the implementation of Balchug Capital, the joint stock company closed for the acquisition of 100% shares in the authorized capital of the Limited Liability Company Goldman Sax Bank belonging to Goldman Sachs Group, Ink (Goldman Sachs Group, INC) “,”, “,”, “. It follows from the document.

It is observed that the decision was made in accordance with paragraph 5 of the Presidential Decree of August 5, 2022 No. 520 “on the application of economic measures in relation to the hostile actions of some foreign states and organizations.”

In March 2022, Goldman Sachs suspended activities in Russia, becoming the first major American bank to stop working in the country after the start of a military operation in Ukraine.

Tass recalled that in June 2024, Balchug Capital also bought 99% on PSK-New Solutions LLC, which in 2023 received Putin permission to buy 100% Caterpillar assets of the Russian market of the manufacturer and American excavators.

Balchug Capital was founded in 2010 by businessman David Amaryan, the company is based in Ereván. RBC writes that Balchug Capital manages assets for an amount of approximately $ 2 billion.

Goldman Sax Bank has been working in Russia since 2009. In the Interfax-100 ranking, from the third quarter of 2024, the bank occupied 230 place in terms of assets in the country with an indicator of 4.3 billion rubles.