BlackRock is facing losses of over $17 billion on its holdings of Russian assets since Vladimir Putin’s invasion of Ukraine, according to a report

Clients held over $18 billion in Russian assets at the end of January, according to the firm, but the $10 trillion asset manager has subsequently marked down the majority of those to almost zero. BlackRock’s iShares Russia ETF, which trades under the ticker ERUS, has seen its assets under management fall from $600 million to under $1 million since the Ukraine crisis began.

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