Investment firm BlackRock, the world’s largest in assets, is closing its Russian stock market-listed ETF fund. Bloomberg.
The fund liquidation procedure will begin on August 17. Currently, most of the fund’s assets cannot be sold due to the sanctions imposed on the Russian Federation, so the company believes the process may take a long time and could finally be completed by the end of 2023.
The proceeds from the sale of assets will be distributed among the shareholders of the investment company.
In 2018, the company was at the peak of its development with $800 million, but after the start of Russia’s special operation in Ukraine, the value of BlackRock’s assets “has fallen to almost zero,” writes the newspaper. Europe-based Russia-focused ETFs have already started closing earlier this year.
In March, the investment firm suspended the issuance of Russia ETF shares.
early in the Financial Times sort ofHe said Western investors could lose up to $170 billion due to sanctions against Russia.