Larry Fink, CEO and managing director of the world’s largest bank, BlackRock, said Russia’s invasion of Ukraine had reversed the world order established since the aftermath of the Cold War. .
“Russia’s invasion of Ukraine has ended the global war we saw three years ago,” Fink said in his 2022 letter to shareholders. “It has left communities and people to feel isolated and look inward. I think this has increased the polarization and extremist attitudes that we see among the community today.”
Fink’s letter came a month after Russia’s invasion of Ukraine with Moscow’s troops attacking cities around the country and killing civilians who could not escape. The US and its allies imposed various sanctions on Russia and provided military assistance to Ukraine.
Larry Fink, CEO of BlackRock Inc., in Zurich, Switzerland, on Friday, March 7, 2019.
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Fink, whose business is worth more than $ 10 trillion, said nations and governments had joined forces and launched a “steering war” against Russia. He said BlackRock has also taken steps to curb the sale of Russian securities in its advocacy and referral groups.
“In recent weeks, I’ve spoken to a number of stakeholders, including our customers and employees, who are all looking to understand what can be done to prevent it. money from being taken to Russia, “Fink said.
After the early 1990s when the world emerged from the Cold War, Russia was welcomed into the global financial system and given access to global capital markets, writes Fink . The increase in global trade has boosted global capital markets and boosted economic growth, he said.
That was then, 34 years ago, when BlackRock was founded and the firm benefited greatly from the rise of the world and the growth of capital markets, which gave rise to the benefits of the technology economy, Fink said.
“I continue to have a long -standing belief in the benefits of the world and the power of global financial markets. Having global capital allows businesses to invest in growth, countries to grow. in the economy, and more and more people are seeing good money, ”Fink said.
The CEO said BlackRock is committed to looking at positive and negative outcomes, and hopes to understand how to manage this new banking industry.
“The money we save is for our customers. And in order to serve them, we work to understand the impact of changes around the world on their investment impact,” Fink said.