PROVIDENCE, R.I. (AP) — Rhode Island is pulling its state pension fund investments from Russian financial assets over the invasion of Ukraine.
General Treasurer Seth Magaziner said he wanted to support Ukraine and the State Investment Commission voted unanimously to approve his proposal Wednesday. Other states are doing the same.
The estimated market value prior to the invasion was no more than $30 million, or less than 0.3% of Rhode Island’s total pension fund assets, Magaziner’s office said Thursday. The office said it’s difficult to assign a value to the holdings now, due to volatility in the market prices of Russian financial securities in recent days.
The U.S. and European allies have dramatically escalated financial penalties against Russia over its invasion.
The small exposure Rhode Island has to Russian assets is through an emerging markets equity index fund and an emerging markets bond fund. The largest Russian companies on the index include MMC, a mining company, and financial services companies TCS and Sberbank, Magaziner’s office said.
Magaziner is seeking the state’s seat in Congress being vacated by U.S. Rep. Jim Langevin.
“Rhode Island’s pension funds will not be used to fund Putin’s illegal war,” he said in a statement.
The policy isn’t expected to significantly impact the pension system, he said.