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BlackRock funds just lost $17 billion due to Russian exposure. That’s just the tip of the iceberg, as Western banks are owed $121 billion by Russian entities

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Reuters

Russian rouble drops a further 8% this week in Moscow

The rouble has lost a third of its value in Moscow exchanges since Russia invaded Ukraine last month, as the local economy buckles under the pressure of sanctions imposed across the world in retaliation for the invasion. President Volodymyr Zelenskiy said Ukraine had reached a “strategic turning point” in the conflict with Russia, but Russian forces bombarded cities across the country in what Moscow refers to as a “special operation,” and appeared to be regrouping for a possible assault on the capital Kyiv. On Friday, U.S. President Joe Biden joined allies to hit Moscow on trade and shut down development funds, and announcing a ban on imports of Russian seafood, vodka and diamonds.

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