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BlackRock’s Fink says Russia is essentially cut off from global capital markets

FILE PHOTO: BlackRock Chief Executive Officer Larry Fink attends the Yahoo Finance All Markets Summit in New York
FILE PHOTO: BlackRock Chief Executive Officer Larry Fink attends the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson/File Photo

March 10, 2022

(Reuters) – Russia is essentially cut off from global capital markets as Western companies and investors increasingly shy away from doing business in the country after invading Ukraine, BlackRock Inc. CEO Larry Fink said on Wednesday.

In a statement on LinkedIn, Fink said that American brands like McDonald’s Corp, PepsiCo and Visa Inc, suspending or curtailing their operations in Russia are helping to isolate the country’s economy from the global financial system and showing commitment from big brands, ” to go beyond profit”. .

Earlier this month, BlackRock, the world’s largest wealth manager, suspended purchases of all Russian securities in its asset and index funds.

Western sanctions against Moscow have prompted a number of investors to announce they would be divesting their positions in Russia. However, authorities in Russia have banned local brokers from selling securities held by foreigners.

(Reporting by Uday Sampath in Bengaluru; Editing by Subhranshu Sahu)

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DUSTIN JONES

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