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.