Posted on 3/11/2022, 3:53:35 PM by marcusmaximus
BlackRock has 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 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, they are unlikely to 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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Just the tip of the iceberg
BlackRock is far from alone when it comes to Western banks with exposure to Russian assets and businesses. U.S. banks are owed a whopping $14.7 billion by Russian entities, per BIS data.
(Excerpt) Read more at fortune.com ...
Its a two way street, with many lanes.