NEW YORK (Reuters] – T. Rowe Price, an asset management firm, announced that it will begin closing its Emerging Europa Fund to new investors on May 9. It stated this in a regulatory file. The filing came after the company marked down Russian securities from zero last month.

According to T. Rowe Price’s fact sheet, $30 million of the fund invests in stock of European companies in emerging markets, such as Russia. It was down 83% over the first three month of the year.

T. Rowe Price stated in an filing to the Securities and Exchange Commission that “Effective Monday, May 9, 2022 at close of New York Stock Exchange, new investors and new account will be closed,” T. Rowe Price announced.

Investors already holding positions in this fund could redeem those shares or continue to purchase additional shares.

T. Rowe Price spokespeople did not respond immediately to a request for comment.

Last month, T. Rowe Price said Russian securities held in the fund’s portfolio would be valued effectively at zero after Western sanctions on Russia following its invasion of Ukraine.

According to a March filing, “The Russian equity markets have become very uninvestable” and that it was uncertain when restrictions will be removed from trading Russian securities.

This move came after MSCI, an index provider, announced that Russian securities would be removed from its Indices beginning March 9.