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Danish pension scheme halts Russian investments

© Reuters.

COPENHAGEN (Reuters) – Danish pension fund AkademikerPension will immediately halt new investments in Russian assets after President Vladimir Putin recognised Donetsk and Luhansk in eastern Ukraine as independent, it said on Tuesday.

The $23 billion fund said it would stop new investments in Russian government bonds and companies where the Russian state owns stakes of more than 50%.

“Putin’s formal recognition of the two separatist republics is a violation of Ukraine’s sovereignty, which is a violation of international law. And it is also a breach of our policy on responsible investments,” the fund’s chief executive Jens Munch Holst said in a statement.

The quarantine on Russian investments can run for a maximum period of six months but could become an definite exclusion, he added.

AkademikerPension said it owns 373 million Danish crowns ($56.87 million) worth of Russian government securities and shares in companies where the Russian state owns more than 50%, representing 0.3% of its portfolio.

Danish pension scheme halts Russian investments

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