Allianz (ALVG.DE) and Swiss Re (SRENH.S) said on Monday they were cutting back on Russian business as European financial institutions turn their backs on Russia.
British bank Barclays (BARC.L) said on Monday it had suspended the sales and issuance of two exchange-traded notes (ETNs) with combined assets of about $1 billion – one linked to crude oil and another to a gauge of market volatility – due to capacity constraints, in a move that some investors said could spur big price swings in the products.
Wild swings in asset prices following Russia’s invasion of Ukraine are prompting some investors to pare risk in their portfolios, fearing that the type of volatility seen in commodities in recent weeks could hit other markets.
The European Union formally approved on Tuesday a new barrage of sanctions against Russia for its invasion of Ukraine, which include bans on investments in the Russian energy sector, luxury goods exports and imports of steel products from Russia.
The conflict between Russia and Ukraine has been a cause
Last year, when Brazilian President Jair Bolsonaro sacked the head of state-run oil company Petrobras amid a spat over domestic fuel prices, the market reaction was apoplectic.
Deutsche Bank (DBKGn.DE) faced criticism on Friday for its continued ties to Russia after saying that leaving would go against its values, as other banks cut links with the country.
Oil prices rose on Friday but were on track for their biggest weekly declines since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.
Asian shares extended a global slump on Friday after the fastest U.S. inflation rate in four decades bolstered expectations for more aggressive rate hikes, while Chinese equity markets recovered early losses on regulatory assurance over U.S.-listed mainland firms.
Goldman Sachs Group Inc (GS.N)and JPMorgan Chase & Co (JPM.N) on Thursday announced they were unwinding their Russian businesses, becoming the first major U.S. banks to exit following Russia’s invasion of Ukraine and putting pressure on rivals to follow.
Allianz (ALVG.DE) and Swiss Re (SRENH.S) said on Monday they were cutting back on Russian business as European financial institutions turn their backs on Russia.
British bank Barclays (BARC.L) said on Monday it had suspended the sales and issuance of two exchange-traded notes (ETNs) with combined assets of about $1 billion – one linked to crude oil and another to a gauge of market volatility – due to capacity constraints, in a move that some investors said could spur big price swings in the products.
Wild swings in asset prices following Russia’s invasion of Ukraine are prompting some investors to pare risk in their portfolios, fearing that the type of volatility seen in commodities in recent weeks could hit other markets.
The European Union formally approved on Tuesday a new barrage of sanctions against Russia for its invasion of Ukraine, which include bans on investments in the Russian energy sector, luxury goods exports and imports of steel products from Russia.
The conflict between Russia and Ukraine has been a cause
Last year, when Brazilian President Jair Bolsonaro sacked the head of state-run oil company Petrobras amid a spat over domestic fuel prices, the market reaction was apoplectic.
Deutsche Bank (DBKGn.DE) faced criticism on Friday for its continued ties to Russia after saying that leaving would go against its values, as other banks cut links with the country.
Oil prices rose on Friday but were on track for their biggest weekly declines since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.
Asian shares extended a global slump on Friday after the fastest U.S. inflation rate in four decades bolstered expectations for more aggressive rate hikes, while Chinese equity markets recovered early losses on regulatory assurance over U.S.-listed mainland firms.
Goldman Sachs Group Inc (GS.N)and JPMorgan Chase & Co (JPM.N) on Thursday announced they were unwinding their Russian businesses, becoming the first major U.S. banks to exit following Russia’s invasion of Ukraine and putting pressure on rivals to follow.
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