Asset management fund BlackRock praised private sector support of sanctions against Russia with CEO Larry Find noting in his annual shareholder letter that capital markets, financial institutions and companies have gone even beyond government-imposed sanctions.
“The speed and magnitude of company actions to amplify sanctions has been incredible,” wrote Fink in the letter. “Iconic American consumer brands have suspended their operations of non-essential products. And financial services companies have taken similar steps to further isolate the Russian economy from the global financial system.”
Many premium global brands such as McDonalds, Shell and PepsiCo and have retired from the Russian market, showing widespread willingness from US and European companies to punish the invasion of Ukraine.
“These actions taken by the private sector demonstrate the power of the capital markets: how the markets can provide capital to those who constructively work within the system and how quickly they can deny it to those who operate outside of it,” noted Fink.