BlackRock chairman and CEO Larry Fink said Wednesday that the US and its allies will be successful in the ongoing “economic war” with Russia, heaping praise on American companies for their response over Vladimir Putin’s attack on Ukraine.
Fink, who runs the world’s largest money management firm that handles upwards of $9 trillion in assets, joined FOX Business’ “The Claman Countdown” to provide his take on what is happening with the markets amid the unrest.
Host Liz Claman asked Fink for his views on the sanctions being imposed on Russia by the US and European nations, along with dozens of multinational corporations that have halted business in Russia.
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“We’re gonna win, I can say that with 100% confidence,” Fink said. “This economic war is so powerful. We underestimate what capitalism can do when we listen to all our stakeholders, and American companies and European companies – not as much as American companies, by the way – are listening to our stakeholders and we’re responding .”
“I’m very proud of American capitalism in the last week, and this point is ‘S,'” Fink said, referring to the Environmental Social Government (ESG) socially-conscious standards he has pushed for companies to adopt. “When you see how many American companies have walked away from their business in Russia, they did it because their employees were talking to them, their clients were talking to them.”
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Fink pointed to the wave of firms pulling out of Russia as “a great example of how we modify our behaviors, and this is the adaptability of American capitalism.”
“Ten years ago that would not have happened, and look at the success,” he said. “We have an economic war against Russia right now, and it’s much more complete than just governmental sanctions.”
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The US and NATO allies have pummeled Russia’s economy with heavy sanctions following Putin’s attack, and several major corporations joined the battle by withdrawing their business from Russia, including McDonald’s, Starbucks and Nestle.