The trustees of the New York City Police Pension Fund has voted to divest from Russian assets as the U.S. government issues sweeping economic sanctions against the country. The fund held Russian securities that were worth $42.2 million as of Feb. 25th.
In retaliation for Russian President Vladimir Putin’s, the White House has issued sanctions against certain Russian state-owned financial institutions and specific individuals with ties to Putin, and imposed export restrictions on Russia’s high-tech imports.
While Lander has urged the New York City pensions to divest from Russian assets, the board of each pension fund must make that decision individually. Lander’s office is reviewing the funds’ holdings against the federal government’s list of sanctioned individuals and companies. The police pension fund held Russian securities that were worth $42.2 million as of February 25th. The total of the city pension funds’ Russian assets were“Freedom cannot be denied, here or anywhere. That’s why I stand in support of efforts to divest the city’s pension funds from Russian assets in light of the ongoing invasion of Ukraine — an unprovoked and unjustified war,” said New York City Mayor Eric Adams in a statement Tuesday.
“While American sanctions already prohibit investments in many Russian companies, I believe it is prudent to freeze purchases in all Russian companies due to the situation’s unpredictability and the likelihood that conditions will deteriorate," DiNapoli said in a statement Tuesday. "This will ensure that the Fund does not increase its minimal exposure to the Russian economy while completing its divestment review, consistent with my fiduciary duty.
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