Update: Council to Stop Investments in Russian Companies


UPDATE: We are glad Islington Borough Council agrees with our call to stop investing in Russia - a view shared by people across Islington.

The chair of the Pension subcommittee that has responsibility for the Fund's investments told us "Islington will therefore divest these holdings either by sale as soon as possible or we shall write-off as being worthless assets. We shall continue to do all we can to show solidarity with the people of Ukraine; and to protect the reputation, integrity and value of the pension fund."

Our petition demanded “Our council’s pension fund must take a stand, and if it holds any shares in Russian - or Russian-linked companies - they must be sold immediately”,  says Liberal Democrat spokesperson, Kate Pothalingam, following the horrific news of Russia invading Ukraine.

We thank those who supported this initiative.

 

Ms Pothalingam added: “I have written to Councillor Comer-Schwartz, Leader of the Council, to demand that its pension fund gets rid of any shareholdings in Putin’s Russia.

“In common with so many other local people, I am sickened by what is happening on the streets of Ukraine. We simply have to do whatever we can to support a democratic country against tyranny and bloodshed.”

Cllr Joe Harris, Leader of the Liberal Democrats at the Local Government Association said: “Others have taken action – the Church of England is divesting its £20 million in shareholdings in Russian companies and BP is selling its 19.75% stake in Russian oil giant Rosneft, and Shell is divesting from Gazprom. I encourage local government pension schemes to divest any shares they hold”.  

Liberal Democrat Communities Spokesperson Tim Farron MP said:

“Vladimir Putin must pay a terrible price for his entirely unprovoked decision to invade Ukraine. We must stand with the people of Ukraine, and enact the most punitive of severe sanctions upon the Russian regime.

“It’s time to end the era of Russian interference in this country. UK companies, public bodies and pension funds should be looking closely at their financial links to Russia and doing the right thing.”


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