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3/11, 1:23 PM (Source: TeleTrader)
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BlackRock loses $17B due to Ukraine crisis - report

BlackRock has lost about $17 billion on its holdings in Russian securities due to the Ukraine crisis, as reported by the Financial Times.

Before the crisis began, BlackRock's clients owned more than $18.2 billion in Russian assets. But the closure of the markets and the sanctions imposed have made the vast majority unsaleable, leading the world's largest asset manager to lower prices.

According to the report, the enormous destruction of value mirrors the harm that the Russian operation in Ukraine has caused to the financial system in general.

Baha Breaking News (BBN) / JG