This includes investments and contracts with external companies that may potentially deal with Russian or Belarussian businesses.
The news was confirmed at the latest full council meeting when councillor Richard Jackson, finance chairman, was asked to outline any potential financial interests with Russian firms.
He told councillors a company contracted by the council to supply wood pellets for Biomass boilers has recently changed suppliers, with the original supplier for these pellets once sourced by a Russian company.
It means the council now has no direct or indirect ties with the Russian economy at a time when the conflict in Ukraine continues to intensify.
“We have no direct contracts with any Russian organisations or, indeed, Belarussian organisations,” Coun Jackson said.
“The one contract that could have had an indirect benefit to the Russian economy is one which provides wood pellets that fuel Biomass boilers maintained by the council.
“This company buys supplies from a Scandinavian company which used to buy from a Russian supplier.
“They have confirmed they’ve changed supplier, so there is no longer any direct connection with Russia.
“Prices have increased as a consequence of this change, but this will not affect us until next winter.”
He said he appreciates the ‘spirit and the point’ of the question, which was raised by Coun Mike Pringle and said the authority ‘is in solidarity with the Ukrainian people’.
Coun Jackson said: “We do not wish to be involved with any transactions that could be interpreted as supporting the Russian invasion of Ukraine.”