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Public pension funds moving to divest from Russian markets

Public pension funds moving to divest from Russian markets

  • Written by Andy Castillo / American City & County
  • 3rd March 2022

With sweeping sanctions leveled almost universally by western nations at the Russia, American states are likewise moving to divest public pension funds from Russian markets. So far, Connecticut, California, Colorado, New York and Illinois have made clear intentions to siphon money quickly from Russia.

“Russia’s unlawful invasion of Ukraine has led to unprecedented sanctions against Russian companies and individuals,” said New York State Comptroller Thomas DiNapoli, in a statement directing a review of the New York State Common Retirement Fund’s investments for divestment from all ties to Russia. Sanctions enacted over the last week have sent Russia’s economy into a free fall, substantially increasing the financial risk of any organization that has money tied up in the nation’s markets.

While administrators review steps toward divesting, DiNapoli ordered an immediate freeze on all purchases from Russian companies, “due to the situation’s unpredictability and the likelihood that conditions will deteriorate. This will ensure that the (pension) fund does not increase its minimal exposure to the Russian economy while completing its divestment review, consistent with my fiduciary duty,” he said. “This crisis has underscored major political and investment risks relating to President Putin’s unhinged, tyrannical foreign policy, leading to sanctions that have significantly hobbled Russia’s already weak economic growth.”

New York State Common Retirement Fund has an estimated $110.8 million in public equity investments including direct holdings and co-mingled funds in Russian companies, according to the statement.  

“New Yorkers, including current and retired police officers, stand in solidarity with Ukraine and are proud to play a role in contributing to cutting President Putin and his enablers off from global financial markets,” said New York Comptroller Brad Lander. “It is our hope that the world’s response accelerates an end to aggression and a swift resolution that saves lives and supports the many people displaced by this violence.” 

To read the complete article, visit American City & County.

 

Tags: Federal Government/Military Funding News Policy State & Local Government Partner content

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