Moscow, January 30, 2010 (FBC) – Goldman Sachs Group Inc. (GSN) has restructured its assets in Russia, RBC daily reported, citing two investment market sources. Leaving the country.
US banks have cut ties to Russia after it sent tens of thousands of troops to Ukraine last year, but foreign lenders need special permission from President Vladimir Putin to sell stakes.
Goldman Sachs said in March it was winding down its business in Russia, and in November it cut its credit exposure to Russia by 9% to $205 million in the third quarter.
One of RBC’s sources said Goldman’s property portfolio, which includes minority stakes in recruitment firm Headhunter ( HHR.O ) and real estate database Cian ( CIAN.N ), has been sold to the local government.
Goldman Sachs did not immediately respond to an emailed request for comment.
In the year A decree signed by Putin on August 5 barred investors from so-called unfriendly countries from selling shares in key energy projects and banks. That decree, now in effect until the end of 2023, gives Putin the power to issue special permits in certain cases to keep deals going.
Reporting by Elena Fabrychnaya; Writing by Alexander Marrow; Editing by Bradley Perrett
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