  om/stories/2022-04-05/blackrock-plo ughed-uk-pension-funds-into-putins- war-chest/ > millions of british pension-holders have helped build the immense russian war chest that emboldened vladimir putin to invade ukraine, the bureau of investigative journalism can reveal. > the asset-management giant blackrock, which manages pensions for more than 10 million people in the uk, has invested huge amounts in russian state-owned energy and banking enterprises in recent years. these companies have contributed to russia amassing $630bn in foreign reserves  a financial position crucial to putins decision to invade ukraine. > blackrock had reason to reconsider its investments in russia in march 2014, when putin breached international law by sending troops into crimea. the firm initially reduced some of its russian investments  and ceo larry fink saluted a victorious economic war  but one year on it was still among the top shareholders in the country's biggest companies, and remains so today.
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