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Several asset managers, including JP Morgan and Dankse Bank, have frozen their funds exposed to Russian assets following sanctions due to the Russia-Ukraine war, reported Bloomberg Quint.

JPMorgan’s asset management unit told investors of the JPM Emerging Europe Equity fund that they would not be able to purchase or redeem shares in the fund.

JPMorgan said in a letter to investors of fund: “Due to the escalating conflict between Russia and Ukraine, local market trading conditions are not currently operating as they normally would do and accordingly, we are unable to manage the fund in accordance with the investment objective and policy.

“Given these current market conditions, and in order to protect the interests of existing shareholders, JPMorgan Funds Limited has suspended the JPM Emerging Europe Equity Fund.”

Danske Invest Management also announced it is suspending trading in its Eastern European fund in a bid to limit exposure to Russian assets.

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In a similar move, Liontrust suspended dealing in the Liontrust Russia Fund, restricting investors from making purchases or redemptions in the fund until further notice.

The firm wrote in a letter to investors of the fund: “At the moment, Liontrust is unable to say how long the Fund will be suspended for.

“Liontrust will keep the suspension of the Russia Fund under continual review given it is such a rapidly changing situation and we will update investors as soon as we can.”

More asset managers are expected to freeze their funds with exposure to Russian equities as the US and European countries unleash a new round of sanctions on Russia for its continuing military attack in Ukraine.

New York-based Voya Financial warned its customers that its Russia-focused fund may freeze investments following increasing sanctions and the threat of further restrictions on Russia.