BlackRock Chief Says Ukraine War Marks End to Globalization

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Larry Fink, chief executive of BlackRock, the worldโ€™s biggest asset manager, said that the war in Ukraine will put an end to globalization as governments and businesses cut ties with Russia, while warning that a large-scale reorienting of supply chains will be inflationary.

โ€œThe Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades,โ€ Fink wrote in a March 24 letter to shareholders, in which he noted that the Russian offensive in Ukraine had catalyzed nations to sever financial and business ties with Moscow.

โ€œUnited in their steadfast commitment to support the Ukrainian people, they launched an โ€˜economic warโ€™ against Russia,โ€ Fink wrote.

Russia has been hit with crippling sanctions over what it calls a โ€œspecial military operationโ€ in Ukraine. The measures have targeted Russian banks and wealthy oligarchs, thereโ€™s been a closure of airspace to Russian planes, and the export of key technologies has been banned.

The sanctions also include a freeze on around $300 billion of Russiaโ€™s central bank hard currency reserves, an unprecedented move that Russian Foreign Minister Sergey Lavrov denounced on March 23 as โ€œtheft.โ€

Fink noted in his letter that capital markets, financial institutions, and companies have gone beyond government-imposed sanctions, moving quickly to terminate longstanding business and investment relationships.

He predicted that Russiaโ€™s decoupling from the global economy will prompt governments and companies to re-evaluate their manufacturing and assembly footprints more generally and reconsider their dependency on other nations.

โ€œThis may lead companies to onshore or nearshore more of their operations, resulting in a faster pull back from some countries,โ€ Fink wrote.

There will be challenges for firms as they seek to rejig supply chains, he said.

โ€œThis decoupling will inevitably create challenges for companies, including higher costs and margin pressures.โ€

โ€œWhile companiesโ€™ and consumersโ€™ balance sheets are strong today, giving them more of a cushion to weather these difficulties, a large-scale reorientation of supply chains will inherently be inflationary,โ€ he added.

Byย Tom Ozimek

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