(Updates to include a statement from a BlackRock spokesperson in the fourth paragraph.)

BlackRock (BLK) dropped talks with potential investors for the Ukraine Development Fund earlier this year, as US President Donald Trump took office and clashed with Ukrainian President Volodymyr Zelenskiy and Russian President Vladimir Putin, Bloomberg News reported Saturday, citing sources familiar with the matter.

Bloomberg said Trump's election campaign included a promise to end the war in Ukraine but has indicated ending US military support for the eastern European country.

Sources told Bloomberg that the fund was nearing deals for initial support from firms backed by the governments of Italy, Poland, and Germany. The fund was set to be launched at the Ukraine Recovery Conference in Rome, Bloomberg said.

A BlackRock spokesperson told MT Newswires that the company completed its "pro bono advisory work" on the Ukraine Development Fund in 2024 and is not currently engaged in any active mandate with the Ukrainian government.

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