President Vladimir Putin is allowing Goldman Sachs Group Inc. to sell its business in Russia, making the US firm one of the few Western banks to fully exit the country.

Goldman Sachs (NYSE:GS) received approval by President Vladimir Putin to sell its business in Russia to Balchug Capital, making it one of the few Western banks to fully exit the country, according to a media report.

President Vladimir Putin has authorised Armenian investment fund Balchug Capital's purchase of Goldman Sachs' unit in Russia, a government decree published on Friday showed, potentially paving the way for the U.

Russian President Vladimir Putin approved Goldman Sachs Group Inc.'s exit from Russia on Jan. 31, allowing the U.S. firm to sell its business to the Armenia-based investment firm Balchug Capital. Goldman Sachs entered into a binding agreement to offload its Russian subsidiary,