South Lanarkshire Labour group are calling for a overview of Strathclyde Pension Fund’s funding in a Russian financial institution.
The pension fund, price over £27bn has contributions from native authority employees, round £16.4m of the fund investments are tied up in Sberbank – a Russian financial institution which has been closely hit with sanctions.
Labour councillors are urging for a direct overview of the pension fund’s investments in Russia.
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Councillor Catherine McClymont, Labour’s finance and company assets spokeswoman, mentioned: “From the New York Police Division to the Scottish Parliament Pension Scheme, public pension funds world wide are divesting from sanction-hit Russian monetary establishments.
"Native authorities pension funds ought to be no exception.
“A survey of native authorities staff by Unison Scotland discovered that 88 per cent believed their pension fund ought to make investments ethically. Council staff could be appalled on the very concept that their pensions might be supporting Putin’s regime.
“Strathclyde Pension Fund has over £16m of investments in sanction-hit Sberbank.
"The fund should be a part of the rising checklist of pension funds worldwide selecting to divest from Sberbank and any Russian monetary establishments on the sanctions checklist.
"There ought to be a direct overview of Strathclyde Pension Fund investments in Russia and pressing motion now on Sberbank.
"Solidarity with the folks of Ukraine should be about greater than phrases and gestures, it should be about our deeds and our actions too.”
South Lanarkshire councillors confirmed solidarity with Ukraine on the closing full council assembly on March 2, a movement was handed unanimously to sentence the Russian invasion of Ukraine.
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