BlackRock’s Fink says Russia is essentially cut off from global capital markets According to Reuters

© Reuters. FILE PHOTO: Larry Fink, CEO of BlackRock, participates in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS / Lucas Jackson / File Photo

(Reuters) – Russia has been essentially excluded from global capital markets as Western companies and investors increasingly steer clear of doing business in the country following the invasion of Ukraine, CEO Larry Fink of BlackRock Inc (NYSE:) said Wednesday.

In a statement on LinkedIn, Fink said American brands such as McDonald’s Corp (NYSE:), PepsiCo (NASDAQ:), and Visa Inc (NYSE:) the suspension or reduction of their operations in Russia is helping to isolate the country’s economy from the global financial system and shows the commitment “beyond profit” of the big brands.

Earlier this month, BlackRock, the world’s largest asset manager, suspended purchases of all Russian securities in its index funds and operations.

Western sanctions against Moscow have led to a series of investors announcing the reduction of positions in Russia. However, authorities in Russia have banned local brokerage firms from selling securities held by foreigners.

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