The pension fund for MSPs has shares in a Russian bank sanctioned by the US following the invasion of Ukraine.
According to the Ferret website, the investment in Sberbank is worth nearly £300,000.
Senior Labour, Lib Dem and Green politicians have called on the MSP fund to get rid of its stake.
Russia ’s invasion of its neighbour has attracted international condemnation and a blizzard of sanctions.
The country faces being cut off from the international payments system Swift and Putin and his cronies have also been targeted.
Attention has also turned to UK links to key Russian bodies such as banks and airlines.
Sberbank, listed on the London stock exchange, is a financial giant in Russia, with around one in two Russians having an account.
Although the UK has not imposed sanctions on the bank, all US financial institutions have been instructed to close any Sberbank accounts.
The Ferret, an investigative journalism website, revealed the Scottish Parliamentary Pension Scheme, run by Edinburgh-based Baillie Gifford, has holdings in Sberbank worth £299,571.
Labour MSP Pauline McNeill tweeted: “Given the magnitude of the situation we must shut down the corrosive effect of Russian finance in the UK. We must do all we can and ask for withdrawal of these investments as a matter of urgency. It has been raised with fund administrators.”
Scottish Lib Dem MSP Willie Rennie MSP said: “Scotland needs to play its part in putting the squeeze on Vladimir Putin and his regime and that means using the financial leverage we have. In the grand scheme of things this is not a huge sum of money but it is important to send a message that Putin’s behaviour in Ukraine will not be tolerated or supported.”
Green MSP Ross Greer, who has lodged a motion at Holyrood, said: “I cannot fathom why the Scottish Parliament Pension Fund has holdings in Sberbank in the first place. But, in light of the Russian invasion of Ukraine it is clearly inappropriate for that to remain the case.
“Some trustees of the fund have resisted ethical investment policies for too long but I’m sure most MSPs and former MSPs will want this urgently addressed and Sberbank immediately divested from.”
A Scottish Parliament spokesperson said: “The trustees agreed in March 2021 all future pensions contributions would be invested in a sustainable, ethical fund that excludes companies that contravene UN principles on human rights, labour, the environment and anti-corruption.
“The SPPS invests in pooled funds with Baillie Gifford. It is one of a number of investors in the funds, therefore beyond these ethical conditions, the trustees cannot direct Baillie Gifford in their investment strategy.”
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