Vladimir Putin has approved Goldman Sachs’ sale of its Russian subsidiary to an Armenian investment fund, completing the US investment bank’s exit from the country almost three years after it first pledged to leave.

Goldman Sachs approved by Putin to sell Russia business to Balchug Capital, following trend of Western banks exiting country post-Ukraine invasion.

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.