Investment managers have spent the last few days reviewing the £6.6 billion pension fund for Russian links and have found the fund holds less than 0.1 per cent of Russian assets.
Following discussions with LGPS Central – the pension fund’s pool company - the pension fund has asked its investment managers to sell its Russian assets as soon as it is legally and ethically possible.
The pension fund has also asked its investment managers to suspend further purchases of Russian assets in response to the invasion of Ukraine.
Councillor Eric Kerry, Nottinghamshire Pension Fund committee chairman, will explain the pension fund’s position at the committee’s next meeting on March 10.
He said: “Our pension fund unequivocally condemns the unprovoked and abhorrent attack on Ukraine and its citizens by President Putin’s armed forces.
“Following discussions with our investment managers and pool company, we have asked managers to dispose of the small amount of Russian assets we hold.
“These assets are only a tiny fraction of our pension fund and come mainly from our investments in emerging markets.
“We have also asked our fund managers to suspend any further purchases of Russian assets in response to the destruction being inflicted on Ukraine.
“We just hope our actions can contribute in some way to showing the Ukrainian people that we support them here in Nottinghamshire – our hearts go out to the country and its brave citizens.”