Russia has Blocked the Availability for New York Pension Funds to Sell off Russian Investments
Pension systems in New York want to sell nearly $300 Million in the Moscow stock market but cannot...
Pension systems in New York want to sell nearly $300 Million in the Moscow stock market but cannot due to Russia's blocking of foreigners being able to buy and selling shares. Since the invasion of Ukraine, trustees of all five New York employee pension systems have voted to withdraw $185.9 Million from Russian companies and securities held previously by individual retirement plans.
"A vicious and unjust war continues to be waged on Ukraine, driving deaths, destruction, and displacement of civilians. New Yorkers remain steadfast in solidarity with Ukrainians here in our city and abroad."
Brad Lander, who oversees the pension systems, said in a statement.
Thinking they are having a major impact on what Russia has already faced, New York City aims to "hold the Putin regime and those who continue to fund it accountable, while safeguarding the assets of thousands of active members and beneficiaries."
Thomas DiNapoli, the sole trustee of the state employee pension system, directed the withdrawal of an estimated $110.8 Million which was held in Russian securities on Friday. The Teachers Retirement System holds nearly $90 Million in Russian stock with the Police Pension fund following second with a reported $42.2. Million invested into Russian stocks.
Correction, clerical, and sanitation workers a part of NYCERS currently have $31.1 Million invested, the NYC Fire Pension Fund has $19.5 Million, and the Board of Education Retirement System sits the lowest with a reported $3.1 Million invested in Russian stock.
Those who are looking to withdraw their Russian investments have been stifled by the Russian government as Moscow closed its stock market to foreigners on February 25th. So, until the exchange opens back up, the pension system will continue to hold the investments. "When the Russian equity market reopens, we will prudently exit those positions," a Lander spokesperson said.
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