US bank Goldman Sachs sells business in Russia and completely withdraws from country
Pravda Ukraine
Russian ruler Vladimir Putin has allowed the US investment bank Goldman Sachs Group Inc. to sell its business in Russia, making it one of the few Western banks to leave the country completely.
Source: Bloomberg
Details: According to the signed decree, Balchug Capital will buy it. A source familiar with the situation said Goldman Sachs had already entered into a binding agreement to sell its Russian subsidiary.
This is another in a series of banking deals that Putin has authorised. In December 2024, he signed a decree allowing French bank Natixis to sell its business in Russia. In January 2025, the Netherlands’ ING Groep NV agreed to sell its Russian assets to Global Development JSC, a company owned by a Moscow-based financial investor.
Almost three years after the start of Russia’s full-scale invasion of Ukraine, many Western banks are still operating in the country, despite publicly announcing their withdrawal. For example, Citigroup Inc. has ceased almost all corporate banking services in Russia, but still has US$9 billion in assets there.
Background: ING Banking Group is selling its Russian subsidiary ING Bank (Eurasia) to a Moscow-based financial investor.
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