March 25, 2022 GMT
NY state comptroller divesting retirement fund from Russia
ALBANY, N.Y. (AP) — New York state’s public pension fund will be getting rid of any Russian investments, state Comptroller Thomas DiNapoli announced Friday.
DiNapoli had announced a freeze on any new investments and a review of current ones in the days soon after Russia started its invasion of Ukraine, leading to the decision to divest.
“Russia’s unconscionable and immoral invasion has brought devastation and destruction to Ukraine,” DiNapoli said in a statement, adding that the “violent and unpredictable foreign policy” made the country “an unacceptable investment risk.”
The New York State Common Retirement Fund has a value of almost $280 billion, with about an estimated $110 million invested in Russian companies.