Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

BlackRock's Fink: Russia is losing an economic war

BlackRock's Fink: Russia is losing an economic war

BlackRock's chief executive Larry Fink has warned that Russia is on even shakier economic foundations as the Ukraine crisis rumbles on.

In an interview with the Sunday Times, Fink warned Russian president Vladimir Putin that he cannot 'play games' if he wants access to western capital. He also anticipates the sell-off in Russian equities may have calmed Putin's motivation to push troops towards Kiev. 

'In one single day, the capital markets crushed Russia. In one single day, the stock market was down 12%, and so 23% for the year.

'The leader of that country had to be concerned. The whole economic foundation of Russia was already shaky, and it made it much more shaky. I think it was the market reaction that changed ' Fink told the Sunday Times.

He stresses Russia's dependency on energy and the fact it has been hit with capital outflows over the past few years.

'They just finished trying to rebuild themselves through [the winter Olympics in] Sochi and the marketplace has said that if you play these games you are not going to have our capital. Instead of having physical war we had economic war. And in one day, Russia lost,' Fink said.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play The CEO tapes: 'the only reason you get fired is relationships'

The CEO tapes: 'the only reason you get fired is relationships'

In today’s instalment of the CEO tapes, four top asset management chief executives discuss corporate culture and how to ensure you get it right.

1 Comment Play The CEO tapes: the 'laddish' fund manager culture

The CEO tapes: the 'laddish' fund manager culture

In the first of 10-part series, four of the UK's best known fund bosses discuss the sensitive issue of female representation across the industry.

Play Video exclusive: Martin Gilbert grilled on Standard Life deal

Video exclusive: Martin Gilbert grilled on Standard Life deal

In this revealing interview, Aberdeen's boss offers the inside story on his firm's mega merger with Standard Life.

Read More
Your Business: Cover Star Club

Profile: how Cerno was forged in Asia's boom and bust

Profile: how Cerno was forged in Asia's boom and bust

Cerno Capital’s investment philosophy was born in the spectacular boom and bust of Asia in the 1990s.

Wealth Manager on Twitter