UK. Pension Protection Fund pulls out of Russia
The Pension Protection Fund will eliminate its negligible exposure to Russian assets when liquidity in the market improves, it has announced.
Pension schemes have raced to freeze investments and divest from Russia since it invaded Ukraine in February, drawing international condemnation and widespread boycotts.
Schemes, for the time being, appear limited to stating an intention to move out of Russia, given a complete lack of liquidity in Russian assets.
The Moscow Stock Exchange closed on February 28, while the Russian government has moved to limit divestment efforts.
The PPF said it had already begun lowering its exposure to Russia as the conflict drew near.
Its remaining allocation stands at less than 0.01 per cent of its total assets. “We don’t expect any material financial impact on the fund from our investments in the region,” it said.
“We are actively engaging with our relevant asset managers with a view to closing our outstanding holdings as soon as we are practically able to.
“There is currently no liquidity in Russian assets, so it’s impossible to do anything until markets open up,” the lifeboat fund added.
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