Fund giant BlackRock has waived the fees on three funds with "significant" exposure to Russia that have been suspended due to the "exceptional" circumstances of Putin's invasion of Ukraine.

The funds - which include a fund focusing on emerging European countries as well as Eastern European and Russia-focussed ETFs - will remain suspended until further notice while BlackRock evaluates the situation.

BlackRock Global Funds (BGF) Emerging Europe fund took the decision to suspend the valuation of all share classes from the fund in a bid to "protect the interests" of investors in the fund. In light of this the firm has waived its management fees and the fund's annual service charge from 1 March. 

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The firm stated that it will continue to manage the fund in accordance with its investment objective and will lift the suspension on the fund as soon as it is "practicable" to do so.

Regarding the iShares MSCI Russia ADR/GDR UCITS ETF USD and iShares MSCI Eastern Europe Capped UCITS ETF, the total expense ratios will be paid by the funds directly from 2 March.

BlackRock said it took the decision to waive fees on the funds due to the "extraordinary" market circumstances and the significant exposure to depositary receipts in respect of Russian securities.