Top firms leave Russia after economic slump

From Franklin Templeton Investments to BNP Paribas, global financial firms that once pushed to expand in Russia are pulling out as prolonged sanctions deepen the country’s first recession since 2009.

Bloomberg News reports that Franklin Templeton, which oversees almost $900bn of assets, is liquidating its fund for the region, while BNP Paribas exited its local fund-management venture and German reinsurer Munich Re closed its Moscow office.

An 18% slide in the ruble from this year’s May high, the extension of sanctions linked to the Ukraine conflict and oil trading near a three-month low have compounded Russia’s economic contraction. The dollar-denominated RTS Index has slumped 18% from this year’s peak, prompting some portfolio investors to also exit Russian holdings.

To access the complete Bloomberg News article hit the link below:

World’s Top Financial Firms Exit Russia as Economy Slumps

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