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The firm's results "underscore continued pressure on industry organic growth that may last longer than currently reflected in investors’ expectations amid higher-for-longer short-term rates," analysts at Goldman Sachs wrote in a report Friday. "While we are encouraged by the firm’s sharper focus on expenses, we expect (BlackRock's) near-term organic base fee growth to remain muted." Investors are likely waiting for yields to peak before making any significant changes in their asset allocation, BlackRock said. "The long-term trend of clients consolidating more of their portfolios with BlackRock is only accelerating, and underlying business momentum remains strong," Fink said. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM.

Persons: Brendan McDermid, Larry Fink, Fink, Kyle Sanders, Edward Jones, Larry, Goldman Sachs, . Fink, Cathy Seifert, Jaiveer Singh, Devika Syamnath, Jonathan Oatis Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Goldman, CNBC, Revenue, The, Thomson Locations: New York City, U.S, BlackRock, The New York, Bengaluru

☆ BlackRock posts surprise rise in profit, inflows drop
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 13 (Reuters) - BlackRock (BLK.N) handily beat third-quarter profit estimates on Friday but posted a sharp drop in net inflows, sending shares of the world's largest asset manager down 1% in premarket trade. A rise in investment advisory fees and BlackRock's assets under management (AUM) helped the company's adjusted profit of $10.91 per share breeze past analysts' estimates of $8.26, according to LSEG data. BlackRock ended the third quarter with $9.10 trillion in assets under management (AUM), up from $7.96 trillion a year earlier, but lower than $9.4 trillion in the second quarter this year. "The long-term trend of clients consolidating more of their portfolios with BlackRock is only accelerating, and underlying business momentum remains strong," Fink said. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM.

Persons: Brendan McDermid, BLK.N, Larry Fink, Fink, Jaiveer Singh, Devika Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Revenue, The, Securities and Exchange Commission, Thomson Locations: New York City, U.S, BlackRock, The New York, Bengaluru

☆ BlackRock's third-quarter profit rises as investors flock to its funds
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 13 (Reuters) - BlackRock (BLK.N), the world's largest asset manager, on Friday reported a 13% rise in third-quarter profit as a rebound in markets attracted investors to its funds. On an adjusted basis, BlackRock earned $1.64 billion, or $10.91 per share, for the three months ended Sept. 30, from $1.45 billion, or $9.55 per share, a year earlier. Analysts on average had expected a profit of $8.26 per share, according to LSEG data. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Jaiveer Singh, Devika Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Revenue, The, Thomson Locations: New York City, U.S, BlackRock, The New York, Bengaluru

☆ We have the lowest attrition in the information technology services industry, says tech firm
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have the lowest attrition in the information technology services industry, says tech firmC Vijayakumar, CEO and managing director at HCL Technologies, tells CNBC about how the company's new operating model helps lower the attrition rate.

Organizations: HCL Technologies, CNBC

☆ Infosys campus pullback signals hard jobs reboot
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Oct 13 (Reuters Breakingviews) - Clients are cutting back on IT spending as the global economy slows. India’s second biggest technology services firm by market capitalisation Infosys (INFY.NS) has twice cut its revenue growth forecast this year. IT firms provide well-paying jobs in urban India where less than half of workers have regular wages or salaries. As a result, Infosys revenue grew 16% annually between financial year 2021 and 2023, twice the rate during the prior three years.

Persons: Vivek Prakash, That’s, Pranav Kiran, Una Galani, Thomas Shum Organizations: Indian, Infosys, REUTERS, Rights, Reuters, U.S, Tata Consultancy Services, X, Ericsson, Qantas, Thomson Locations: Electronic, Bangalore, India

☆ How to cash in on India: Citi says this sector is a better bet than tech — and names its top stock picks
▼ + stars: | 2023-10-04 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

IT Services" on Sept. 28, Citi analysts said banks are poised to outperform the information technology services sector over the next 12 months. "We thus believe Indian banks will not be directly impacted by an uncertain global growth or global higher-for-longer policy rate cycles." The bank's analysts expect private sector banks to continue gaining market share from public sector banks. However, Citi noted increasing competitive pressures from smaller firms vying for deals in the IT services sector. The Citi analysts also said that banks are trading close to historical averages on a price-to-book basis.

Persons: Surendra Goyal, —, Joanna Tan Organizations: Citi, ICICI Bank, IndusInd Bank, IT, New York Stock Exchange, IT Services Locations: India

☆ Stocks making the biggest moves midday: CarMax, Accenture, Peloton, Jefferies and more
▼ + stars: | 2023-09-28 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

DigitalBridge — Shares of the digital infrastructure company jumped 5.8% after JPMorgan upgraded the company to overweight from neutral. After the market closed Wednesday, Jefferies posted earnings of 22 cents per share on revenue of $1.18 billion. Accenture — Shares of the IT and consulting firm fell nearly 5% Thursday after Accenture reported mixed results for its fiscal fourth quarter. The used-car retailer's fiscal second-quarter earnings and revenue slipped from a year ago on weakening demand for used cars. Concentrix — Shares gained 10% a day after Concentrix said it would hike its quarterly dividend 10% to about 30 cents a share.

Persons: Trimble —, DigitalBridge, Jefferies, Duolingo, Wolfe, Lululemon, CarMax, Concentrix, FactSet, —, Jesse Pound, Christina Cheddar, Berk Organizations: Corporation, JPMorgan, Jefferies, UBS, Resorts, Wolfe Research, Accenture —, Accenture, StreetAccount, Micron, LSEG

☆ Amazon VP who was previously Uber's CTO has taken a sudden leave of absence less than 2 years into the job
▼ + stars: | 2023-08-29 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

The VP in charge of Amazon's ecommerce technology services has taken a sudden leave of absence. Sukumar Rathnam, an Amazon VP who was formerly Uber's chief technology officer, is taking a sudden leave of absence, Insider has learned. Rathnam was most recently VP of eCommerce services at Amazon, overseeing the retail giant's backend technology. It was his second stint at Amazon, after having spent almost 10 years in a retail VP role previously. Many Amazon employees voiced their opposition to RTO over the past 6 months, both publicly and privately, sparking an internal petition and a public walkout.

Persons: Sukumar Rathnam, Rathnam, Dave Treadwell, Ramesh Manne, Treadwell, Sukumar, Sundeep Jain, Rathnam's, Dave Clark, Jay Carney, Andy Jassy, Jeff Bezos, Brad Glasser, Glasser, Jassy Organizations: Amazon, Amazon's Locations: Amazon's

☆ IBM sells weather business to private equity firm Francisco Partners
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 22 (Reuters) - International Business Machines (IBM.N) has agreed to sell its weather business to private equity firm Francisco Partners for an undisclosed sum, the technology services giant said on Tuesday. IBM will retain its sustainability software business. The Big Blue said Tuesday it plans to continue using The Weather Company's weather data for its software offerings focused on environmental insights. Francisco Partners did not immediately respond to a request for comment. The deal with Francisco Partners is expected to close in the first quarter of 2024 and is subject to regulatory approval.

Persons: Brendan McDermid, Rob Thomas, Arsheeya, Pooja Desai Organizations: IBM, New York Stock Exchange, REUTERS, Business Machines, Francisco Partners, Storm, NASA, Street Journal, Thomson Locations: New York, U.S, Watsonx, Bengaluru

☆ ICE cuts tortuous path through frosty trustbusters
▼ + stars: | 2023-08-07 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. The U.S. Federal Trade Commission agreed on Monday to drop a lawsuit against Intercontinental Exchange’s (ICE.N) $11.7 billion acquisition of mortgage technology provider Black Knight (BKI.N). ICE, as the New York Stock Exchange operator is known, said in May 2022 that it would snap up Black Knight for $13.1 billion. ICE’s Encompass processes nearly half of originations in the United States, with Black Knight’s Empower in second place, according to the FTC. ICE originally said on May 4, 2022, that it had agreed to buy Black Knight for $13.1 billion.

Persons: Knight, Brendan McDermid, Black, Lina Khan, Khan, litigate, Black Knight, Jeffrey Goldfarb, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, U.S . Federal Trade Commission, Intercontinental, Black, FTC, ICE, UnitedHealth, Change Healthcare, Exchange, Constellation Software, Thomson Locations: New York City, U.S, United States

☆ The robots are coming — and the companies building them are looking for workers
▼ + stars: | 2023-08-06 | by ( Kate Rogers | ) www.cnbc.com time to read: +4 min

But as companies adopt robots on manufacturing floors, in kitchens and on delivery routes, workers have a growing opportunity to join the ranks in helping to build and implement the technology. On the other hand, 60% of companies operating in information and technology services expect jobs to be created due to robots in the next five years. Jose A. Iglesias | Tribune News Service | Getty ImagesRobotics company Zipline is among the companies looking for employees, as it aims to add at least 100 workers. The use of automation at companies large and small has two advantages, the Association for Advancing Automation argues. It reduces challenges for workers in taking away monotonous or dangerous tasks in their day-to-day roles and it keeps companies competitive and speedy in the production process.

Persons: Jose A, Keller Rinaudo Cliffton, Rinaudo Cliffton, Jeff Burnstein, Avocados Organizations: Jobs, Iglesias, Tribune, Service, Getty, Robotics, Walmart, GNC, Toyota, Association for, Automation, Vebu Labs Locations: Miami, San Francisco , California, Rwanda, China

☆ Nasdaq beats profit estimates on steady demand for investment products
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Exchange operator Nasdaq (NDAQ.O) beat estimates for second-quarter profit on Wednesday on the back of consistent demand for its investment-related products and capital markets solutions such as anti-financial crime software. The diversification helped the transatlantic exchange operator blunt the effects of a drought in the U.S. market for IPOs that had soured last year due to rising interest rates and heavy volatility. A total of 23 companies listed on its Nasdaq Stock Market through IPOs in the quarter. In line with CEO Adena Friedman's diversification strategy, Nasdaq inked its biggest-ever deal of $10.5 billion for Thoma Bravo-owned software firm Adenza in the quarter. Reporting by Manya Saini in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Thoma, Manya Saini, Maju Samuel Organizations: Nasdaq, Thoma Bravo, Thomson Locations: U.S, IPOs, Bengaluru

☆ Controversial Chinese scientist He Jiankui proposes new gene editing research
▼ + stars: | 2023-07-03 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Authorities in China took multiple steps to tighten rules and ethical standards affecting human gene editing in the wake of the revelations about his previous research. But the scientist’s release of a new proposal involving gene editing of embryos has scientists and medical ethics experts concerned – and confused. Genetic manipulation of human embryos – both viable and nonviable ones – is typically tightly controlled globally and some countries ban all such research, experts say. But there is robust global debate around allowing genome editing of human embryos to treat serious genetic conditions or expanding research. Chinese law does not allow gene-edited human embryos used in research to be implanted into humans, or developed for more than 14 days.

Persons: ”, It’s, Peter Dröge, “, “ I’m, ” Joy Zhang, bioethicists, There’s, He’s, He’s “, Françoise Baylis, ” Baylis Organizations: Hong Kong CNN, Authorities, Nanyang Technological University, Centre for Global Science, University of Kent, CNN, bioethicists, Twitter, China’s Ministry of Science, Technology, National Health Commission, Southern University of Science, China’s biosciences, Dalhousie University Locations: Hong Kong, China, Beijing, Singapore, Britain, USA, Europe, Shenzhen

Some billionaires rocketed into space as Branson and Amazon founder Jeff Bezos have. Other rich travelers journeyed on a submersible to explore the wreckage of the ocean liner Titanic. For $250,000 to $300,000 a trip, Kent sometimes fields unusual requests including helping a Saudi prince fulfill his dream of flying a plane onto and off of an aircraft carrier. The experience was so demanding that Ackman's father expressed concern about the intended trip, not for his son but for another fund manager who had signed up to go. One person familiar with that excursion said it probably wouldn't happen again, in part because it was such a potentially risky undertaking.

Persons: Eric Gaillard, Richard Branson, Branson, Jeff Bezos, ”, Alexandre Cymbalista, Geoffrey Kent, Kent, Goldman Sachs, Monica Heslington, Goldman, Melissa Biggs Bradley, Massimo Bottura, Bill Ackman, Whitney Tilson, Tilson, Ackman, Svea Herbst, Bayliss, Tatiana Bautzer, Julia Harte, Nupur Anand, Paritosh Bansal, Anna Driver Organizations: REUTERS, Twitter, Virgin Galactic, Virgin Group, Amazon, Wall Street, Abercrombie, Kent, Credit Suisse, SPECIAL, Goldman, Art Basel, Rubell Museum, Bank of America, Indagare, Ferrari, Navy, Svea, Thomson Locations: Nice, France, New York City, Branson, safaris, Botswana, Kent, Saudi, Africa, Miami, Art Basel, Modena, Italian, Mongolia, California

☆ Morgan Stanley: These 5 stocks are well-positioned to reap the rewards of rising artificial intelligence adoption
▼ + stars: | 2023-06-25 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +4 min

Information technology firms should benefit as the adoption of artificial intelligence increases. For instance, another subset of technology firms that could capitalize on the rise of automation enabled by AI, especially in the near term, includes information technology services vendors. Although this may be true, the analysts also noted that information technology firms have traditionally been quick to adapt to and adjust for technological advancements. 5 stocks poised to benefit from the rise of AIEven within the information technology industry, it's clear that not all firms are created equally. In the report, the analysts identified five information technology companies that are uniquely positioned to become key beneficiaries of rising artificial intelligence adoption.

Persons: Morgan Stanley Organizations: Nvidia, IT Services, Services

☆ Bets on A.I. and innovation help this tech-focused T. Rowe Price fund outperform the market
▼ + stars: | 2023-06-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Since joining investment management firm in 2000, Allen's worked his way up the corporate ladder, taking the helm as portfolio manager of the T. Rowe Price Science & Technology (PRSCX) fund in 2009. In the wake of the latest artificial intelligence boom that's driven up last year's beaten-up technology stocks, it's skyrocketed nearly 38% in 2023. Longer-term, the fund, with a 0.84% expense ratio, offers 10- and 15-year trailing returns of more than 16% and about 13%, respectively. This year, Allen has benefited from a spectacular run-up in technology stocks, fueled by a mania for all things tied to artificial intelligence. "It's really important to learn over time when things go well and especially when things don't go well," Allen said.

Persons: Ken Allen, Rowe Price, Allen's, Allen, Salesforce, it's, Morningstar, I've Organizations: Colby College, Rowe Price Science & Technology, PRSCX, Apple, Netflix, Nvidia, Devices, Microsoft, Zalando, Amazon, Meta, Accenture, Mastercard, Texas, Texas Instruments Locations: Maine, Baltimore, Salesforce, Zalando, buybacks

☆ Google faces EU break-up order over anti-competitive adtech practices
▼ + stars: | 2023-06-14 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

[1/3] The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. Its 2022 advertising revenue, including from search services, Gmail, Google Play, Google Maps, YouTube adverts, Google Ad Manager, AdMob and AdSense, amounted to $224.5 billion. EU antitrust chief Margrethe Vestager said Google may have to sell part of its adtech business because a behavioural remedy is unlikely to be effective at stopping the anti-competitive practices. The Commission said it took issue with Google favouring its own online display advertising technology services to the detriment of competing providers of advertising technology services, advertisers and online publishers. Google is the world's dominant digital advertising platform with a 28% market share of global ad revenue, according to research firm Insider Intelligence.

Persons: Andrew Kelly, Margrethe Vestager, Foo Yun Chee, Sudip Kar, Philip Blenkinsop, Gupta, Kirsten Donovan Organizations: Google LLC, Google, Chelsea, REUTERS, Gmail, European, EU, The, AdX, Intelligence, Reuters, Thomson Locations: Manhattan , New York City, U.S, BRUSSELS, AdSense, United States

☆ Google may be forced to break up its ad business after EU charges
▼ + stars: | 2023-06-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

The EU might force Google to break up its ad business. Google could be forced to break up parts of its empire after the EU accused it of abusing its dominance in digital ads and "distorting" the competition. As yet, Google is not being fined nor is it being immediately instructed to break up its business. The company will be able to argue its case, and a final outcome to the Commission's investigation is still pending. "The Commission's investigation focuses on a narrow aspect of our advertising business and is not new.

Persons: Margrethe Vestager, Google's, Dan Taylor Organizations: Google, Morning, European Commission, YouTube, Microsoft Locations: adtech

☆ Goldman Sachs: Cash in on the $7 trillion AI explosion by making these 15 trades now
▼ + stars: | 2023-06-01 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Artificial intelligence is rapidly gaining momentum this year as it gets more advanced. Here are 15 buy-rated stocks from Goldman Sachs that investors can get exposure to now. Once a niche technology, artificial intelligence (AI) has moved firmly into the mainstream in 2023 and become too big to ignore, according to Goldman Sachs. Goldman Sachs15 AI stocks to add exposure to nowInvestors who are interested in profiting from the AI wave should consider the 15 stocks that were highlighted in Phani's note that have a buy rating from Goldman Sachs and are either directly advancing AI or are indirectly enabling it. Below are the 15 stocks tied to AI that Goldman Sachs is bullish on right now.

Persons: Goldman Sachs, Phani Organizations: Nvidia, Microsoft, Google, Companies, Investors

☆ These are the top stocks to play the A.I. theme, Goldman Sachs tells clients
▼ + stars: | 2023-05-31 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Given the growth potential, Goldman looked to recent earnings call transcripts to identify the companies that are actively discussing the potential opportunities, and risks, from AI. Goldman found a basket of 24 companies that are pursuing AI or can help enable new technologies across software, semiconductors, tech hardware, media, internet and information technology services. Alphabet has been a popular AI play among high-profile investors such as Bill Ackman and Stanley Druckenmiller. Meanwhile, Meta Platforms has touted AI computer chips, which will eventually power more advanced metaverse-related tasks, including virtual reality and augmented reality, as well as generative AI. Goldman also highlighted software names that are either pursuing AI or would act as enablers of AI, including Datadog , CrowdStrike , Snowflake and Salesforce.

Persons: Goldman Sachs, Goldman, Bill Ackman, Stanley Druckenmiller, — CNBC's Michael Bloom Organizations: Goldman, Big Tech, Microsoft, Meta, Apple, Google, Nvidia, AMD, Micron Technology, Marvell Technology, Palo Alto Networks Locations: CrowdStrike, Snowflake

☆ Stocks making the biggest moves after hours: Ambarella, Box, HP and more
▼ + stars: | 2023-05-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Box — Shares of Box rose 3% in extended trading after the cloud company beat estimates in its fiscal first quarter. Box reported 32 cents in adjusted earnings per share on $252 million of revenue. Analysts surveyed by Refinitiv had penciled in 27 cents in earnings per share on $249 million of revenue. The company reported 52 cents in adjusted earnings per share on $6.97 billion of revenue. HP reported 80 cents in adjusted earnings per share, 4 cents above estimates.

Persons: Ambarella, Refinitiv Organizations: Hewlett, Packard, Hewlett Packard Enterprise, HP Enterprise, HP Inc, HP Locations: New York

NEW YORK, May 16 (Reuters) - Ed Wehle, a senior Barclays Plc (BARC.L) technology banker, has resigned to join U.S. rival Citigroup Inc (C.N) in New York, according to an internal memo seen by Reuters, adding to an exodus of top investment bankers from the London-based bank. An investment banking veteran of nearly three decades, Wehle will join Citigroup as its global head of technology services, Mark Keene, Citigroup's global head of technology investment banking, wrote in the memo to employees on Tuesday. "Technology services complements Citi’s unparalleled global client position, and Ed will work closely with partners in Asia, EMEA and Latin America," said Philip Drury, global head of technology & communications banking, capital markets & advisory at Citi. He was previously head of global technology services banking at Barclays, which he had joined in 2018 from Deutsche Bank AG (DBKGn.DE). Reuters reported on Monday that at least seven top Barclays technology, media and telecommunications (TMT) bankers have resigned to join UBS Group AG (UBSG.S) in the U.S. in the last few days.

☆ India's Tech Mahindra Q4 profit drops 26% as clients cut spending
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, April 27 (Reuters) - India's Tech Mahindra (TEML.NS) reported a drop in fourth-quarter profit on Thursday as challenging macro-economic conditions prompted clients to tighten spending. Consolidated net profit for the information technology services firm fell 25.8% to 11.18 billion rupees ($136.66 million)for the quarter ended March 31, from 15.06 billion rupees a year earlier. ($1 = 81.8100 Indian rupees)Reporting by Nishit Navin in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ RESTRICT Act explained: proposed TikTok ban is 'a PATRIOT Act for the digital age,' some lawmakers say
▼ + stars: | 2023-04-23 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +11 min

The RESTRICT Act, a bill that could ban TikTok nationwide, was introduced in the Senate last month. GOP Senator JD Vance of Ohio called the bill proposal "a PATRIOT Act for the digital age." But the RESTRICT Act — touted as a way ban TikTok nationwide — would do far more than prevent users from accessing an app known for its viral dance routines and conspiracy theory videos. "This will directly improve our national security as well as safeguard Americans' personal information and our nation's vital intellectual property." Even those who support a TikTok ban, such as Senator JD Vance of Ohio, don't see the RESTRICT Act as an appropriate solution.

☆ Germany, Poland and others are pushing for new sanctions on Russia's nuclear energy
▼ + stars: | 2023-04-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Germany, Poland and a few other EU nations are pushing for sanctions on Russian nuclear energy, as the bloc looks at new ways to hurt the Kremlin's revenues amid Moscow's invasion of Ukraine. The 27 European nations have sanctioned Russian seaborne oil, coal and significantly cut purchases of natural gas from Moscow in the wake of its war with Ukraine. "The nuclear sector is still outstanding. Nuclear technology is an extremely sensitive area, and Russia can no longer be seen as reliable partner within it," he said. "Between March and December 2022, Russia exported just over $1 billion-worth of materials and technology of relevance to the nuclear energy sector," the Royal United Services Institute, a think tank, said in a report in February.

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