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Carmignac is the latest entrant to the list of asset managers who have decided to steer clear of Russian securities following the launch of military attack by the country against Ukraine.

Paris-headquartered Carmignac said that it will not purchase any Russian securities until further notice.

The firm also plans to divest any remaining Russian securities in its portfolios, considering extra-financial aspects as well as market conditions.

Carmignac in its statement said: “The Russian invasion now raises the question of the eligibility of Russian securities for our funds.

“Our conviction-driven approach has always been framed by an ethical policy that we have incorporated into our investment strategy. Carmignac has therefore decided not to purchase any Russian securities until further notice.”

UK-based Fidelity International and US-based value investor Brandes Investment Partners have also decided to shun Russian securities, according to a report by Reuters.

Fidelity said it will not invest in Russia and Belarus ‘for the foreseeable future’ and is considering ways to cut its current exposure.

BlackRock and abrdn were amongst the first asset managers to suspend purchase of Russian securities following sanctions on Russia. They are also looking to cut existing holdings in the country.

British insurer and asset manager Royal London is planning to divest its Russian assets ‘as soon as possible’.

Last week, Financial Times reported that investors held Russian assets worth around $170bn at the end of 2021.

According to pervious Reuters report, asset managers have frozen Russia-linked equity funds with over $3bn in assets amid the market turmoil.

Russia, meanwhile, has temporarily barred foreign investors from offloading Russian assets in a bid to stop the mass investor retreat from the country.