The New York state pension fund has divested from Russian companies and will continue to block new investments in firms connected to the country, state Comptroller Tom DiNapoli on Friday announced.
DiNapoli's divestment is the latest effort by New York state officials in response to Russia's invasion of Ukraine, now entering its second month.
“For over a month, Russia’s unconscionable and immoral invasion has brought devastation and destruction to Ukraine,” DiNapoli said. “Russian President Putin’s violent and unpredictable foreign policy has rightfully brought on substantial sanctions and his war has made Russia an unacceptable investment risk. As Russia’s already weak economy plunges toward economic crisis, we are protecting our state pension fund by divesting our minimal investments there and restricting any further investments in Russian companies.”
Gov. Kathy Hochul previously approved an executive order meant to divest the state from Russian-backed entities. She later moved to limit New York's business ties with any company that continues to do business with Russia.
DiNapoli on Friday also announced he has written to multiple U.S. companies, including McDondald's, PepsiCo, Estee Lauder, and Mondelez, urging them to examin their business with Russia. Several of those companies have already taken action to limit or end their interests in Russia since the invasion.
New York's pension fund as of the end of 2021 was valued at $279.7 billion.