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

by Mike Robinson

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© Reuters. FILEPHOTO: Larry Fink is the Chief Executive Officer for BlackRock. He took part in the Yahoo Finance All Markets Summit held in New York on February 8, 2017. REUTERS/Lucas Jackson/File Photo

(Reuters] – Russia’s access to global capital markets has been effectively shut off as Western companies and investors shun the country after its invasion of Ukraine, BlackRock Inc. CEO Larry Fink announced Wednesday.

Fink stated that American brands such as McDonald’s Corp (NYSE) and PepsiCo Co (NASDAQ:) are among the most prominent. Visa Inc (NYSE:) Russia operations were suspended or curtailed by major brands. This was done to isolate Russia from the financial system.

BlackRock, the biggest asset manager in the world, stopped buying Russian securities earlier this month.

An array of foreign investors announced they would be cutting down their Russian positions because of Western sanctions placed on Moscow. Russian authorities have however banned the sale of securities by local brokers.

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