Russian President Vladimir Putin has authorized Vardan and Davit Amaryan, co-owners of the Balchug Capital investment fund, to acquire shares in several major Russian companies—including Gazprom and Rosneft—from the U.S.-based financial giant Goldman Sachs.

According to Forbes.ru , the list of approved companies also includes Inter RAO UES, Novatek, Surgutneftegas, Tatneft, Lukoil, Novolipetsk Steel (NLMK), and Rostelecom.

The central office of Balchug Capital is now located in Yerevan, Armenia. As reported by Sputnik Armenia, the fund’s total assets under management exceed $2 billion.

Davit Amaryan previously worked at Troika Dialog, the investment firm founded by Ruben Vardanyan. Goldman Sachs, one of the world’s largest investment banks, ceased its operations in Russia in March 2022 following the outbreak of hostilities in Ukraine.