A growing number of pension funds are shunning investments in Russia following the country’s military invasion of Ukraine.

Norway’s minister of finance said he will ask the Government Pension Fund Global, Norway’s $1.3 trillion sovereign wealth fund, to freeze all its investments in Russia immediately, and also divest from Russia.

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“Given the way the situation has evolved, we consider it necessary for the fund to divest its Russian assets,” Minister of Finance Trygve Slagsvold Vedum said in a statement.

The Caisse de depot et placement du Quebec (CDPQ), Canada’s second-largest pension fund with C$420 billion ($331 billion) in assets, said in a statement it had sold off Russian investments, and that it will avoid exposure to Russia.

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“There’s no interest in investing directly and being exposed to the strategies when it comes to Russia, that’s the main principle,” CDPQ President and Chief Executive Officer Charles Emond said, according to Reuters. “We are very active to correct the situation, to replicate our indices internally and to leave Russia.”

“There’s no interest in investing directly and being exposed to the strategies when it comes to Russia, that’s the main principle,” CDPQ President and Chief Executive Officer Charles Emond said, according to Reuters. “We are very active to correct the situation, to replicate our indices internally and to leave Russia.”

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New York City Comptroller Brad Lander, who is custodian of the $274.7 billion in assets held by New York City’s five public pension funds, said that he plans to bring specific assets to the trustees of the five boards of the city’s retirement systems to consider for divestment.

“Russia’s aggression in Ukraine merits the swift global action we’ve already begun to see to cut President Putin and the oligarchs who enable him off from the global financial system,” Lander said in a statement. “We are watching developments in Ukraine with great concern and following responses by fellow institutional investors closely,” he said, adding that “all decisions, including potential divestment of Russian assets, are made separately by each of the five pension plan boards.”

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