“BlackRock Inc. will begin a long process of shuttering a major Russia exchange-traded fund, after the protracted Ukraine war has slashed the value of securities linked to the region and left their fate in limbo,” Bloomberg reported.
“The iShares MSCI Russia ETF (ticker ERUS) will begin closing on Aug. 17 and proceeds from the few assets that can be liquidated will be distributed to shareholders.”
BlackRock, the globalist investment firm, owns $8.49 trillion in assets under management as of June 30, making them more economically powerful than most nations.
BlackRock, along with Vanguard, hold a monopoly on nearly everything you can imagine in the business world.
However, the investment firm will relinquish its assets in Russia.
Russia is liberated from Blackrock pic.twitter.com/oi2N1VM7cV
— Adam Townsend (@adamscrabble) August 5, 2022
The world's largest investment company BlackRock closes a fund of Russian securities
It is reported by Bloomberg. According to their information, the liquidation procedure of the fund will begin on August 17.https://t.co/nR2rZsYrKM
— NEXTA (@nexta_tv) August 5, 2022
BlackRock will begin closing down its Russia exchange-traded fund, the first major ETF in the US to close since the start of the Ukraine war https://t.co/LJvmm2NznG
— Bloomberg (@business) August 4, 2022
— Anne Cronin (@annecronin) August 4, 2022
Business Wire reported:
Russia’s invasion of Ukraine has prompted a range of sanctions and other capital controls that prevent BlackRock and other non-Russian investors from buying and selling Russian securities. As a result, ERUS’ current holdings of Russian equity securities cannot immediately be liquidated. BlackRock cautions investors that it is expected that the liquidation of the fund will take an extended period of time if circumstances involving Russian securities markets do not improve.
BlackRock expects that ERUS will remain in existence until at least December 31, 2023, to allow the fund to sell the securities and depositary receipts, if conditions permit; ERUS may be terminated sooner if all of the Russian securities and depositary receipts have been sold before that date (or they cease to represent valid interests in their issuers). After December 31, 2023, the Fund may be terminated at any time, in the discretion of the Fund’s Board of Directors, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders would receive any liquidating distribution relating to the Russian securities and depositary receipts after the initial distribution described above.
Pensions & Investments added:
The SEC’s exemptive relief permitted the fund to “suspend the right of redemption with respect to shares of the fund,” according to an iShares filing with the SEC on Wednesday. The fund suspended the right of redemption of fund shares effective Wednesday following the SEC’s exemptive order, the spokeswoman said.