Simon Jessop and Carolyn Cohn

LONDON, (Reuters) – Asset managers in France such as Amundi and BNP Paribas have frozen Russia-focused equity fund assets totalling more than $3 billion. This is due to markets being seized following the sanctions against Russia.

Russian assets have fallen into freefall because of the restrictive restrictions. Moscow also placed temporary limitations on anyone trying to get out.

In order to protect investors, asset managers will only temporarily suspend funds when it is necessary.

Pictet stated in a February 28th notice to shareholders that the Russian Equity Fund had been “suspended due to current and evolving circumstances associated with Ukraine/Russian situation, current political situation, and liquidity limitations”.

The fund would be reopened “as soon the market conditions permit”.

According to Morningstar data, the fund holds assets of $637 million.

DWS and HSBC have suspended Russia’s exchange-traded money — these funds track an index.

Amundi stated that it had suspended three equity funds with eastern Europe exposure, while BNP Paribas claimed it wasn’t calculating a value for the Russia fund.

JPMorgan (NYSE -) claimed that Western sanctions and Russian restraints have hampered the ability for its London-listed Russian securities investor trust to pay dividends.

Barings claimed that Moscow stocks were valued at zero in the emerging EMEA investment trust.

British asset manager Liontrust stopped dealing with Russia funds, while Swedish managers Swedbank and Carnegie and East Capital froze Russia-exposed funds.

Sweden’s Pension Agency has stopped buying orders for four Russian funds on its platform of pension funds. This is because it evaluates the suitability of these funds for both ethical and risk-related reasons.

Sweden’s pension system allows savers of state pensions to allocating a part of their savings to any number of funds that have been approved.

Nordic lender Nordea went far beyond equities. It stated that all Russian investments including bonds and government bonds would be excluded from its funds.