The Big Apple’s massive $88 billion municipal employee pension fund is dumping its Russian assets in a backlash against the Kremlin invasion of neighboring Ukraine keeps growing.
The NYC Employees’ Retirement System move announced on Thursday will affect assets valued at $31 million on Feb. 25 – before the United States, United Kingdom and European Union imposed a paralysis Sanctions against Russia’s main financial institutions and the country’s central bank.
And it comes two days after the city pension fund, which covers cops voted to sell $42 million in Russia-related assets.
It is not clear what the Russian investments are worth now – if they are worth anything at all. Russian officials have ordered their major financial markets to remain closed while trying to avert a crash. Meanwhile, the value of the country’s currency, the ruble, has also plummeted.
“Freedom cannot be denied, here or anywhere,” Mayor Eric Adams said in a statement. “That’s why I support efforts to segregate the city’s pension funds from Russian assets in light of the ongoing invasion of Ukraine — an unprovoked and unjustified war.”
The two major unions covered by NYCERS — AFSCME District Council 37 and Teamsters Local 237 — also supported the move.
“Putin’s Russia has no place in our investment portfolio. We support the people of Ukraine,” said Teamsters CEO Gregory Floyd.
https://nypost.com/2022/03/03/city-pension-fund-nycers-dumps-russian-holdings-over-invasion/ NYCERS Municipal Pension Fund Sells Russian Holdings Over Invasion