President Vladimir Putin is allowing Goldman Sachs Group Inc. to sell its business in Russia, making the US firm one of the few Western banks to fully exit the country.

Capital markets activity — which has run below 10-year averages — should also pick up as business confidence improves

Russian President Vladimir Putin approved Goldman Sachs Group Inc.'s exit from Russia on Jan. 31, allowing the U.S. firm to sell its business to the Armenia-based investment firm Balchug Capital. Goldman Sachs entered into a binding agreement to offload its Russian subsidiary,