Divest NYC Pensions From Russian Assets, Lander Says

New York City NY

28 February, 2022

4:32 PM

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NEW YORK CITY — New York City's pension funds shouldn't indirectly help fund Russian President Vladimir Putin's invasion of Ukraine, Comptroller Brad Lander said. Lander announced Sunday that he will propose divesting city pension dollars from Russia-linked assets. Severing the holdings would be part of wider efforts to cut Putin and his oligarch supporters from the global financial system, he said. "The White House is beginning the process of identifying the assets of sanctioned individuals and companies that support and enable Putin's actions," he said in a statement. "Following an analysis of the funds' holdings against that list and legal review, I plan to bring specific assets to the trustees of the five boards of the New York City Retirement Systems to consider for divestment." It won't be the first time New York City's leaders used the billions of dollars in city pension systems to make a moral stand. The city is in the process of divesting billions from fossil fuels that cause climate change. Officials committed to net-zero carbon emissions in pension funds by 2040 and plan to invest $50 billion in renewable energy. World leaders such as President Joe Biden — and even historically neutral Switzerland — have announced increasingly strict sanctions on Russia after the invasion of Ukraine, the New York Times reported. Large corporations, from oil to internet companies to airlines, have enacted similar measures — all of which are designed to isolate Russia from the world, limit its ability to finance the war and impose repercussions for the largest invasion of a European country since World War II. Lander's proposal would put New York City in an ever-growing group of entities that sever financial links with Russia. Manhattan Borough President Mark Levine has repeatedly called on the city to seize properties owned by Russian oligarchs. "We're still waiting for the U.S. gov't to place the broad circle of oligarchs connected to Putin on the sanctions list," he tweeted. "This is the prerequisite to seizing the ultra luxe apartments many hold in Manhattan. "Let's do it NOW."