The CEO and Chairman of the Board of Directors Black Rock CompanyLarry Fink, the world’s largest asset manager, Russia’s invasion of Ukraine upended the global order that had been in place since the end of the Cold War.
“The Russian invasion of Ukraine has put an end to the globalization we have witnessed over the past three decades,” he added in his letter to shareholders. “It has left many communities and people feeling isolated and heightened the nationalistic orientation of many people.” Fink also believes that this has exacerbated the polarization and extremist behavior we see across society today, according to CNBC and Al Arabiya.net.
Fink’s message came a month after the Russian invasion of Ukraine in which Russian forces bombed cities across the country and killed civilians unable to flee, according to CNBC. Meanwhile, the United States and its allies imposed unprecedented sanctions on Russia and provided military aid to Ukraine.
Fink, whose company oversees more than $10 trillion, said countries and governments came together and launched an “economic war” against Russia. Referring to BlackRock’s decision to suspend the purchase of any Russian securities in its active or index fund portfolios.
Fink referred to the questions of many specialists and clients of his company about what can be done to withhold Russia from global capital, which is another evidence of national trends even among specialists and beneficiaries of globalization.
Proving his view, Fink wrote that in the early 1990s as the world emerged from the Cold War, Russia was welcomed into the global financial system and granted access to global capital markets, and with the expansion of globalization it accelerated international trade, developed global capital markets and increased growth. Economic.
Over the past 34 years, he added, his company has been among the significant beneficiaries of the rise of globalization and the growth of capital markets, which has fueled the need for technology-driven asset management.
He said he remains a long-term believer in the benefits of globalization and the power of global capital markets, as access to global capital enables companies to finance growth, countries to increase economic development, and more people to experience financial well-being.