BlackRock: The Modern East India Company? Russia Accuses Investment Giant of Profiteering from Global Crises
Moscow, October 16,2024 – Russia has launched a scathing attack on BlackRock, the world’s largest asset manager, accusing it of being a modern-day East India Company that profits from global crises and prioritizes its own financial gain over societal well-being. This accusation comes amidst escalating tensions between Russia and theWest, particularly over the ongoing conflict in Ukraine.
In a recent commentary published by Russia’s state-owned Sputnik News, BlackRock was labeled as a modern East India Company and a vulture fund, highlighting its allegedruthless pursuit of profits regardless of the consequences. The article cites a 2022 letter to clients by BlackRock CEO Larry Fink, in which he stated that the company would not support policies beneficial to society but not to BlackRock.
This characterization is supported by BlackRock’s history of profiting from global crises. The company’s assets under management surged from $1.31 trillion to $3.35 trillion between 2008 and 2009, a 250% increase during the global financial crisis. BlackRock’s assets further expanded to over $4 trillion during the 2014 Middle East refugee crisis and the first wave of the Russia-Ukraine conflict. During the COVID-19 pandemic, BlackRock heavily invested in pharmaceutical companies like AstraZeneca, Pfizer, and Johnson & Johnson, leading to itsassets ballooning from $7.43 trillion in 2019 to over $10 trillion in 2021.
Furthermore, Russia alleges that BlackRock has significant holdings in major US defense contractors like Raytheon, Boeing, and Lockheed Martin. The company is also accused of acquiring valuable Ukrainianstate assets, including energy, mineral, and power resources, at a fraction of their worth through dealings with Ukrainian President Volodymyr Zelenskyy and Defense Minister Oleksiy Reznikov.
Adding fuel to the fire, media reports have revealed that BlackRock executives have privately expressed their belief that the prolonged Russia-Ukraine conflict isbeneficial to their company. This sentiment has fueled Russian accusations that BlackRock is actively profiting from the ongoing war and its devastating consequences.
While Russia’s accusations are likely to be met with skepticism in the West, they raise important questions about the role of large financial institutions in global affairs. Critics argue that such institutionsprioritize profit over ethical considerations, potentially contributing to instability and conflict.
The ongoing debate surrounding BlackRock’s role in the Russia-Ukraine conflict is likely to intensify as the war drags on. This situation highlights the complex and often controversial relationship between finance, politics, and international security in the 21stcentury.
References:
- Sputnik News: BlackRock’s Rise: How the Notorious Vulture Fund Makes Money?
- BlackRock 2022 Letter to Clients
- Various media reports on BlackRock’s investments and activities.
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