Bloomberg suspended its business in Russia and Belarus, leaving banks in the region without access to its financial data terminals that have become widespread throughout trading around the world.
Customers in these countries will not be able to access Bloomberg terminals, live data or the e-commerce platform as part of the sanctions on Russia’s invasion of Ukraine.
Bloomberg’s unique black terminals are becoming part of the fabric of the global financial system as a key tool for traders, investors and bankers. The company, founded by billionaire Michael Bloomberg two decades ago, distributes news and market data to more than 300,000 terminals worldwide.
Bloomberg earlier this month removed Russian stocks from its global stock indices and suspended its journalists from working in the country, after Vladimir Putin signed the law criminalizing independent reporting.
Reuters, Bloomberg’s main rival, last week canceled a content partnership with Tass, a Russian state news agency, after a blow from the team over the connection. Reuters in 2020 has partnered with Tass Content Distribution Partnership through its business service, Reuters Connect.
In recent weeks, banks on Wall Street, including Goldman Sachs and JPMorgan Chase, have announced that they will close their businesses in Russia, and join the exit of Western multinational groups from the country.
Bloomberg is the largest market data provider in the world. Of the $ 33 billion invested in financial data and news in 2020, Bloomberg accounted for 33%, followed by Thomson Reuters’ Refinitiv with 20%, according to consulting firm Burton-Taylor International.
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