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Connecticut and New York divest from Russia over Ukraine

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Mark Lennihan
/
AP

Connecticut and New York have joined a growing number of states declaring solidarity with Ukraine by divesting their pension funds from Russian-owned assets.

Connecticut’s pension fund has $218 million invested in Russian assets. That’s less than half of 1% of the state’s $47 billion pension portfolio. Nevertheless, the state is divesting to send a message to Russia, said state Treasurer Shawn Wooden.

“We are not acting in isolation but are acting in some respects in coordination with a common purpose to economically isolate Russia,” he said.

The Russian invasion of Ukraine has also put the investment at risk, said Wooden.

“The investments are too risky and unstable particularly as the Russian economy is crumbling before our eyes,” he said.

In New York, the state will end any new investments in Russian assets. And Comptroller Tom DiNapoli will review ways of divesting from all entities linked to Russia.

The two states join California, Georgia, Pennsylvania and others that are moving to divest state assets from Russian interests.