Armenian fund completes acquisition of Goldman Sachs' Russian unit

Tatneft Imeni V.D. Shashina PAO

24/04/2025 10:43

MOSCOW, April 24 (Reuters) - Armenian investment fund Balchug Capital has completed an acquisition of the Russian subsidiary of U.S. bank Goldman Sachs, the firm said in a statement.

Russian President Vladimir Putin gave the green light for Balchug Capital to purchase Goldman Sachs' subsidiary in January, paving the way for the U.S. bank to withdraw from the Russian market and extract capital stranded there.

In a separate decree, Putin authorised Balchug Capital to buy shares in nine major Russian companies owned by Goldman Sachs' subsidiary.

Balchug Capital said the fund was "supporting international investors in divesting from Russia in full compliance with local and international regulations."

It said the fund's assets total $2 billion.

Balchug Capital CEO David Amaryan said that the deal was fully compliant with Western sanctions imposed on Russia over its military action in Ukraine.

 (Reporting by Alex Marrow, writing by Gleb Bryanski;
Editing by Bernadette Baum)

 ((gleb.bryanski@thomsonreuters.com;))