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Nordea Asset Management (NAM) has decided to exit all investments in Russia after the country launched a military operation in Ukraine, reported Reuters.

The Denmark-based asset manager is planning to sell down its investments in the country, including in equities, government bonds, alternatives and corporate debt.

NAM said in a statement: “NAM has been in the process of reducing its exposure to Russia for some time and will in line with the exclusion decision continue to do so further to the extent possible.”

The company was planning a gradual exit over time, according to the report.

Meanwhile, Russia has temporarily barred foreign investors from offloading Russian assets as several asset and fund managers seek to cut their exposure in the country.

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The move is announced as a measure to prevent the investor retreat from the country after sanctions by the US and its allies resulted in a market plunge, according to another report by Reuters.

British asset manager abrdn and hedge fund Man Group are also on the list of major money managers who have been cutting their positions in Russia in recent weeks.

Asset manager BlackRock is said to be in discussion with regulators, index providers and other market participants to help clients exit their positions in Russian securities wherever applicable.

Austrian lender Raiffeisen Bank International (RBI) is also reportedly planning to exit Russia.

RBI, a key player in central and eastern Europe, has been operating in Russia since the fall of the Soviet Union.