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In the United States the closure of the “Russian” exchange-traded fund was announced

ERUS is the first major US exchange-traded investment fund focused on the Russian market.

The world’s largest American investment company BlackRock is liquidating its exchange-traded fund, which focuses on Russian securities – iShares MSCI Russia ETF (ERUS). This was announced yesterday by the company’s press service.

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The liquidation procedure will begin on August 17. The liquid assets will be distributed to the fund’s shareholders.

At the same time, it is indicated that since most of the fund’s assets cannot be sold due to sanctions and other capital controls, the liquidation of ERUS may take a “long time”, even until the end of 2023 .

If the fund fails to sell assets after 2023, BlackRock will still liquidate the fund, and shareholders won’t get their money back.

According to Bloomberg, ERUS is the first major US exchange-traded investment fund focused on the Russian market. In 2018, at its peak, the fund had more than $800 million, but after the outbreak of war in Ukraine in February 2022, the value of its assets fell to almost zero.

The firm stopped trading in exchange-traded funds focused on Russian assets in early March.

Earlier this week, it became known that the world’s largest carrier Maersk will completely leave Russia. The company will exit the Russian market amid record financial performance in 2Q 2022.

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Source: korrespondent

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