Just days after Russia launched a full-scale invasion of Ukraine on February 24, stock exchanges around the world called time on the trading of Russia-focused exchange traded funds.
As Vladimir Putin’s missiles hit and his ground troops advanced, one by one the major exchanges halted dealing activity. First came the bourses in Europe, quickly followed by the US. By March 3, the market for Russia ETFs was effectively closed.
The world’s biggest providers of ETFs took the suspensions in their stride — at least on the face of it — immediately backing the closures. Industry leader BlackRock announced that it “strongly supported” the shutdowns.