Blackrock loses billions in Russia

Frankfurt Blackrock funds lost $17 billion in Russian assets as a result of the Ukraine war. This is reported by the Financial Times.

At the end of January, the stocks were still estimated at 18.2 billion dollars. However, as a result of the sanctions imposed by Western countries and because of the closed Russian markets, these became largely unsellable and Blackrock was forced to depreciate sharply.

On February 28, the world’s largest wealth manager halted all purchases of Russian securities. According to a company spokesman, by the time the markets stopped trading, the total value of all Russian positions had fallen to $1 billion. Blackrock is also affected as the largest provider of index funds with its products for Russia, Eastern Europe and the emerging markets.

The optically enormous loss of value also reflects the size of Blackrock. The US asset manager manages more than ten trillion dollars.