President Vladimir Putin has authorized Balchug Capital, an investment company, to purchase Goldman Sachs' unit in Russia, according to a government decree published on Friday.
In response to the conflict in Ukraine, Moscow has increasingly restricted foreign asset sales, now requiring Putin's approval for such deals.
A source recently confirmed that Goldman Sachs has reached a binding agreement to sell its Russian subsidiary, pending certain conditions.
Despite a request for comment, Balchug Capital, an Armenian investment fund, has not yet responded. The fund is led by David Amaryan, who oversees all investment activities. Notably, the company acquired Russian assets from U.S. machinery maker Caterpillar last year.