American banking giant Goldman Sachs Group has restructured its Russian asset holdings, the RBC daily reported citing two sources privy to the development.

The restructuring could accelerate the process for the bank’s complete withdrawal from Russia, added the unnamed investment industry sources.

Several US-based banks have reduced their activities in Russia after it embarked on its invasion of Ukraine last year.

However, foreign banks need special consent from the country’s president Vladimir Putin in case they want to offload their stakes.

In March last year, Goldman Sachs stated that it would shut down its business in Russia on account of the country’s military attack on Ukraine.

In November, the bank, which had $650m of credit exposure to Russia at the end of 2021, revealed that it had cut its credit exposure to the country by 9% to $205m in Q3.

Goldman Sachs’ Russian business portfolio, which involves minority stakes in recruitment company Headhunter and real estate database provider CIAN, were already divested to their local leaderships, one of the sources told RBC.

Goldman Sachs refused to give any update on the matter.

Through a decree issued in August last year and signed by Putin, Russia prohibited investors from nations that it considers unfriendly from selling stakes in major energy projects and banks.

Set to be operational until the end of this year, the decree enables Putin to give special permission to carry out deals.