Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter