New York state's pension fund will end new investments in Russian companies and Comptroller Tom DiNapoli's office will review ways of divesting from entities linked to the country, his office on Tuesday announced. 

It is estimated the pension fund has about $110.8 million in investments and direct holdings, as well as co-mingled funds, in Russian companies. 

The move comes amid the Russian invasion of Ukraine, leading to international condemnation. DiNapoli in a statement said the coming review of current investments is meant to limit the blow to the fund.  

“Russia’s unlawful invasion of Ukraine has led to unprecedented sanctions against Russian companies and individuals,” DiNapoli said. “While American sanctions already prohibit investments in many Russian companies, I believe it is prudent to freeze purchases in all Russian companies due to the situation’s unpredictability and the likelihood that conditions will deteriorate. This will ensure that the Fund does not increase its minimal exposure to the Russian economy while completing its divestment review, consistent with my fiduciary duty."

Gov. Kathy Hochul on Sunday signed an executive order to end state contracts and sever business links with Russia and Russian-backed entities. State lawmakers have also called for legislation meant to end New York state business with Russia in response to the conflict. 

“This crisis has underscored major political and investment risks relating to President Putin’s unhinged, tyrannical foreign policy, leading to sanctions that have significantly hobbled Russia’s already weak economic growth," said DiNapoli. "Russia’s currency has plummeted in just days since sanctions have been instituted. We will continue to monitor these changing events. New York stands with the Ukrainan people. We hope for a peaceful resolution.”