“BlackRock funds just lost $17 billion due to Russian exposure. That’s just the tip of the iceberg, as Western banks are owed $121 billion by Russian entities”

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BlackRock funds have taken a $17 billion loss as a result of its Russian exposure since Putin’s invasion of Ukraine began in late February—and it’s not the only Western bank or asset manager set to take a sizable hit.

International banks are owed roughly $121 billion by Russia-linked entities, according to data from the Bank for International Settlements—and because of the recent decoupling of the West and Russia, clients may not get most of that money back.

BlackRock’s clients held around $18.2 billion in exposure to Russia-linked assets as of the end of January, the firm revealed. The world’s largest asset manager declined to break down its Russian assets for the Financial Times, but its largest Russian exchange-traded fund, the iShares MSCI Russia ETF, saw its value plummet from roughly $600 million at the end of 2021 to below $1 million this week.

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finance.yahoo.com/news/blackrock-just-lost-17-billion-190247855.html

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