JPMorgan Russian Securities has 'adequate resources' to stay open despite 95% fall in asset value

Aims to shift away from pure Russia

Despite the “severe negative impact” of the ongoing Russian sanctions, the JPMorgan Russia Securities trust management team believes it still has enough assets to continue operating for the next year.

The trust's half-yearly report revealed the widespread effect global sanctions on Russian assets has had on the portfolio. These were brought in after Russia invaded Ukraine back in February. Almost all the fund's holdings are Russian equities and as a result, practically all trading was frozen, which caused the trust's net asset value to drop 95.2% from January to end of April, and has fallen even further since. Its share price fell by 87.6% over the same time period and as of the end of July its individual share price was 69.5 pence. Its total AUM is now £18.4m. US economy enters...