A report from the Brookings Institution released last month said there were roughly $200 billion worth of Russian stocks owned by foreigners — including $68 billion in the U.S. Those investments could now go up in flames.
its stock market cryogenically frozen and its bonds near default, global investors are set to endure major losses.For decades, Russian investments were a cornerstone of so-called "emerging market" investing, the financial world's marketing rubric that helped encourage the free-flowing global investments that helped define the post-Cold War era.
Goldman analysts estimate that there are roughly $70 billion worth of Russian government bonds held by foreigners. Bond-trading giant Pimco could lose up to $2.6 billion if Russia fails to make its sovereign debt payments, after the asset manager bet big against a default,Italy's second largest bank, Unicredit, said it could lose $8 billion if it has to fully write off — that is, value as worthless — its Russia business.
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