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DiNapoli moves to divest New York from Russian interests

Mar 01, 2022 2:02 pm

Nick Reisman reports for Spectrum News that New York state's pension fund won't invest in Russian companies moving in the future, and Comptroller Tom DiNapoli's office is reviewing what getting out of current investments in Russian interests, his office said on March 1. Currently, New York's pension fund includes about $110.8 million in investments in Russian companies. Russia recently invaded Ukraine without provocation, and with much condemnation from around the world. “Russia’s unlawful invasion of Ukraine has led to unprecedented sanctions against Russian companies and individuals,” DiNapoli said. “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. 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." On Feb. 27, Gov. Kathy Hochul signed an executive order to end state contracts and sever business links with Russia and Russian-backed entities. Read more about this story at Spectrum News.