South Lanarkshire Labour group are calling for a review of Strathclyde Pension Fund’s investment in a Russian bank.
The pension fund, worth over £27bn has contributions from local authority staff, around £16.4m of the fund investments are tied up in Sberbank – a Russian bank which has been heavily hit with sanctions.
Labour councillors are urging for an immediate review of the pension fund’s investments in Russia.
Councillor Catherine McClymont, Labour’s finance and corporate resources spokeswoman, said: “From the New York Police Department to the Scottish Parliament Pension Scheme, public pension funds around the world are divesting from sanction-hit Russian financial institutions.
"Local government pension funds should be no exception.
“A survey of local government workers by Unison Scotland found that 88 per cent believed their pension fund should invest ethically. Council workers would be appalled at the very idea that their pensions could be supporting Putin’s regime.
“Strathclyde Pension Fund has over £16m of investments in sanction-hit Sberbank.
"The fund must join the growing list of pension funds worldwide choosing to divest from Sberbank and any Russian financial institutions on the sanctions list.
"There should be an immediate review of Strathclyde Pension Fund investments in Russia and urgent action now on Sberbank.
"Solidarity with the people of Ukraine must be about more than words and gestures, it must be about our deeds and our actions too.”
South Lanarkshire councillors showed solidarity with Ukraine at the final full council meeting on March 2, a motion was passed unanimously to condemn the Russian invasion of Ukraine.
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