Russian President Vladimir Putin has given the go-ahead for the Armenian investment fund Balchug Capital to acquire shares that are currently owned by Goldman Sachs' Russian subsidiary in nine prominent companies, mainly in Russia's energy sector. This authorization was disclosed in a decree released on Wednesday.

Both Balchug Capital and Goldman Sachs have not yet commented on the matter.

In a past decree issued in January, Balchug Capital was granted permission to buy out Goldman Sachs' subsidiary in Russia. This decision cleared the path for the U.S. bank to exit the Russian market and release trapped capital.

Since the conflict in Ukraine commenced, Moscow has been progressively imposing stricter limitations on the sale of foreign assets. Deals involving banks and energy firms necessitate Putin's endorsement for each transaction.

The decree, which was made public on a Russian government platform, specifies that Balchug Capital is allowed to acquire shares owned by Goldman Sachs International in energy giants like Gazprom, Rosneft, Novatek, Lukoil, Tatneft, and Surgutneftegas, as well as in NLMK (steel manufacturer), InterRAO (electricity operator), and Rostelecom (telecom provider).