Russian assets held by the Nottinghamshire Pension Fund are to be sold in the wake of the invasion of Ukraine by the Putin regime.
Investment managers have spent the last few days reviewing the £6.6bn pension fund for Russian links and have found the fund holds less than 0.1% of Russian assets.
But following discussions with LGPS Central (the pension fund’s pool company), the pension fund has asked its investment managers to sell its Russian assets as soon as it is legally and ethically possible.
The pension fund has also asked its investment managers to suspend further purchases of Russian assets.
Councillor Eric Kerry, pension fund chairman, will explain the pension fund’s position to the Nottinghamshire Pension Fund Committee at a meeting on Thursday.
He said: "Our pension fund unequivocally condemns the unprovoked and abhorrent attack on Ukraine and its citizens by President Putin’s armed forces.
"We have asked managers to dispose of the small amount of Russian assets we hold. These assets come mainly from our investments in emerging markets.
"We have also asked our fund managers to suspend any further purchases of Russian assets.
"We just hope our actions can contribute in some way to showing the Ukrainian people that we support them here in Nottinghamshire – our hearts go out to the country and its brave citizens."
Previously, a meeting of Nottinghamshire County Council read out a cross-party statements supporting the Ukraine and condemning Russian action.
To read all the biggest and best stories first sign up to read our newsletters here.
