GS: $36 Million Assets of Goldman Sachs Frozen in Russia Due to Ukraine Conflict

Goldman Sachs has had $36 million worth of assets frozen in Russia due to the ongoing conflict in Ukraine. The Russian government has suspended the bank’s accounts as part of sanctions against Western companies supporting Ukraine. This freeze demonstrates the ripple effect of geopolitical tensions on global financial institutions. The move comes after international tensions escalated following Russia’s annexation of Crimea in 2014. It remains unclear how long the freeze will last and what impact it will have on Goldman Sachs’ operations in the region..

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A Russian court froze shares of companies worth around $36 million owned by Goldman Sachs Group Inc. after Otkritie Bank claimed it refused to honor a swap contract due to sanctions over the war in Ukraine.

Moscow Arbitration Court froze 37 million shares of retailer Detsky Mir PJSC owned by Goldman Sachs as well as smaller amounts of shares of major Russian companies including Sberbank PJSC, Gazprom PJSC and Lukoil PJSC that are owned by the Goldman Sachs III SICAV fund. Otkritie argued for the asset freeze, citing Goldman Sachs’s decision to withdraw from Russia.

A Russian court has frozen around $36 million worth of shares owned by Goldman Sachs Group Inc. following a claim by Otkritie Bank that the bank refused to honor a swap contract due to sanctions over the war in Ukraine. The Moscow Arbitration Court froze the shares of various companies including Detsky Mir PJSC, Sberbank PJSC, Gazprom PJSC, and Lukoil PJSC, which are owned by Goldman Sachs. Otkritie argued for the asset freeze, referencing Goldman Sachs’s decision to withdraw from Russia.

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