BlackRock, Vanguard Grapple With Sanctions on Russian Securities
- Fund managers have until May 25 to find buyers for the assets
- Extra time will alleviate need ‘to rush to the market to sell’
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BlackRock Inc., Vanguard Group and Van Eck Associates are among large asset managers facing a ticking clock if they want to unload stakes in financial firms sanctioned for Russia’s invasion of Ukraine.
The U.S. Treasury Department gave fund managers until May 25 to find non-U.S. buyers for their equity and debt holdings in five Russian entities, including VTB Bank PJSC and VEB.RF. The firms also must sever business ties with VTB, which was stripped of its access to infrastructure for the settlement of trades in European markets.