New York-based BlackRock, the world’s biggest asset management firm, with more than $10tn in assets under management, has recorded $17bn in losses on Russian securities. It manages more than $18bn in Russian assets on behalf of clients – which were frozen on 28 February. The impact of western sanctions on markets, including the two-week shutdown of the Moscow stock exchange, has rendered the vast majority of those assets unsaleable.
The UK government said it recognised that some firms may find winding down their positions is a long-term process, given market conditions and the ability to sell assets because of the global sanctions placed on the Russian economy.As oil, gas, wheat and other commodity prices have soared globally, threatening to exacerbate the cost of living crisis, the government vowed to “do everything we can to protect consumers and the public”.
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