The University of Edinburgh is to divest from all Russian funds and “review” an honorary degree bestowed upon an ally of Vladimir Putin in response to the Kremlin invasion of Ukraine.
In a statement issued by principal Peter Mathieson, the institution said it was taking action over the “appalling” attack on the country following criticism over investments in Russia's largest bank.
The University holds £1,109,251 in Sberbank stock, via capital-based fund manager Baillie Gifford.
READ MORE: Edinburgh man in last-ditch bid to free wife's family and kids from Ukraine
However it will now instruct financial managers to “divest all Russian investment holdings” and reconsider the honorary doctorate of letters given to political scientist and head of the Ruskiy Mir Foundation, Vyacheslav Nikonov "as a matter of priority".
A scholarship for displaced undergraduate students seeking asylum in Scotland has also been established to allow those studying for degrees to continue their education.
In a statement, Professor Mathieson said: “In line with others in the sector, we have been reviewing our relationships with Russia.
“We have instructed our investment managers to divest of all our Russian investment holdings at the earliest opportunity.
“We have agreed to review, as a matter of priority, the honorary degree awarded to the Head of the Ruskiy Mir Foundation, Vyacheslav Nikonov, and are now progressing the formal process to do this.”
He added: “We do not have any institutional partnerships with Russian universities or organisations, so our current links are limited to individual academic projects and exchange programmes.
“These appalling events are the actions of the Russian Government and not the Russian people and we remain committed to the free exchange of ideas between universities and between academics, regardless of nationality or location, while recognising the importance of managing the risks associated with international collaboration.”
Sign up for Edinburgh Live newsletters for more headlines straight to your inbox
Sanctions imposed by the UK government mean Sberbank, which accounts for 35 per cent of Russia's financial sector, has been prohibited from clearing sterling payments through the UK banking system.
The US Treasury has also blocked the bank's ability to process transactions in US dollars.
Prof Mathieson added: "I am proud of the way our community has come together to support each other at this troubling time and I hope this message conveys the scale of the actions that have been taken in a relatively short space of time."
