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BlackRock Russia exposure down $17 billion since February, company data shows -Breaking

by Mike Robinson

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© Reuters. BlackRock Davos 2020 showroom hosts people. REUTERS/Arnd Wiegmann

By Ross Kerber

(Reuters) – BlackRock Inc (NYSE) has reported that its total exposure to Russia by clients is now less than $1billion, compared to $18billion a month prior to the invasion of Ukraine. According to the assets manager, the figures were provided on Friday.

The New York Asset Manager spokesperson stated via email that clients’ impact would depend on the initial allocation of assets and when they allocate to this market.

According to Morningstar data, BlackRock was exposed to Russia at $5 billion as of February 25, according the many U.S. asset manager with Russian investments.

BlackRock said last week it would suspend all Russian securities purchases, given that Russian securities represented less than 0.01% its assets of $10 trillion. BlackRock has a lot of exposure to the index strategy.

BlackRock CEO Larry Fink stated Wednesday that moves made by Western companies in breaking commercial and financial ties mean “Russia is essentially disconnected from the global capital markets”.

BlackRock would like to continue consulting with market participants, index providers, and regulators in order for our clients to be able exit from their Russian securities positions whenever possible,” the spokesperson said by e-mail Friday.

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