Russia blocks NY pension systems from dumping nearly $300M in stocks

The trustees of all 5 NYC worker pension methods have voted to divest from $185.9 million in Russian firms and securities.
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New York’s pension methods wish to dump practically $300 million invested within the Moscow inventory market, however can’t as a result of Russia has blocked foreigners from promoting shares.

Since Russia started its invasion and brutal assaults on Ukraine, the trustees of all 5 NYC worker pension methods have voted to divest from $185.9 million in Russian firms and securities.

“A vicious and unjust battle continues to be waged on Ukraine, driving deaths, destruction and displacement of civilians. New Yorkers stay steadfast in solidarity with Ukrainians right here in our metropolis and overseas,” metropolis comptroller Brad Lander, who oversees the pension methods, mentioned in an announcement.

Town goals to “maintain the Putin regime and those that proceed to fund it accountable, whereas safeguarding the belongings of 1000's of energetic members and beneficiaries,” he mentioned.

New York Metropolis goals to “maintain the Putin regime and those that proceed to fund it accountable.”

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On Friday, state Comptroller Thomas DiNapoli, sole trustee of the state worker pension system, directed divestment of an estimated $110.8 million sunk in Russian securities.

Of the town’s cash locked into Russian firms, the Lecturers Retirement System holds essentially the most – $90 million, adopted by the Police Pension Fund ($42.2million); NYCERS, whose members embrace correction, clerical and sanitation employees ($31.1 million); the NYC Fireplace Pension Fund ($19.5 million); and the Board of Training Retirement System, ($3.1 million).

However Russia has stymied the New York pension methods and others throughout the nation which wish to divest. Moscow closed its inventory market to foreigners on Feb. 25 – a hard-ball transfer seen as retaliation for a US and European freeze on Russian central financial institution belongings.

On Friday, state Comptroller Thomas DiNapoli directed divestment of an estimated $110.8 million sunk in Russian securities.

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The pension methods will proceed to carry the investments whereas ready for  Moscow to drop the restriction.

“When the Russian fairness market reopens, we'll prudently exit these positions,” a Lander spokesperson mentioned.