Putin approves Goldman Sachs’ Russia exit ...Middle East

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 full-scale military offensive on Ukraine.

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.

Under Russia's rules introduced amid the wave of corporate exits, firms quitting the market have to sell at a write-down and pay an exit tax to the Russian government.

The US bank was first hired by then Russian President Boris Yeltsin in 1992, just months after the collapse of the Soviet Union, to help the country court foreign cash.

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