The California Public Employees’ Retirement System, the largest U.S. pension fund, said on Thursday it has ceased all transactions in Russian publicly traded equity and has stopped the flow of any new investments into the country due to Russia’s invasion of Ukraine.
CalPERS’ total investments in Russia represent about 0.17% of its total investment portfolio and it holds no Russian debt, the letter said.Western sanctions on Moscow have prompted a wave of investors to announce they were cutting positions in Russia. Authorities in Russia, however, have banned local brokers from selling securities held by foreigners.
“It is important to note that current sanctions, market restrictions, and closure of local stock exchanges have placed significant constraints on CalPERS’ ability to liquidate its holdings,” CalPERS said in the letter, signed by Theresa Taylor, president of the CalPERS Board of Administration.
