Investment company BlackRock closes securities fund in Russia

05.08.2022,16:04


August 5, Fineko/abc.az. World's largest investment company BlackRock will begin liquidation of its exchange-traded fund of Russian securities Russia ETF from 17 August.

The Fund is expected to close by the end of 2023.

ABC.AZ reports with reference to the foreign media that this is the first large ETF with Russian securities to be closed in the U.S. The income from its assets will be distributed among the shareholders. Most of Fund's assets cannot currently be sold due to sanctions or a trading halt, which is why the liquidation of the Fund will take a long time.

At its peak, in 2018, the value of assets in Russia ETFs exceeded $800 million, but their price practically zeroed out in March. At the end of January, the company's clients owned Russian securities for $18.2 bn, but on 28 February, BlackRock reported that the value of Russian assets had fallen to $1 bn.