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At a combative Capitol Hill hearing Thursday over its commodity investing and trading, a Goldman Sachs executive said the firm is in talks with a Russian buyer, among others, about selling its embattled metal warehousing business.
During the hearing, where a feisty Sen. Carl Levin grilled Goldman's higher-ups over allegations they manipulated metal investment rules for profit, hurting aluminum purchasers, the head of Goldman's commodity investment group, Jacques Gabillon, said the firm was in discussions with foreign investors—including at least one in Russia—about potentially selling Metro, its metal warehousing subsidiary.
"We are running a sales process right now and we have a variety of interest from companies in Europe, in Russia and in China," Gabillon said during the question-and-answer portion of the hearing.
The remarks are significant because other transactions between U.S. and Russian companies have been thrown into question amid powerful U.S. and EU sanctions against the country since its annexation of a portion of Ukraine earlier this year.