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In
a statement sent by a spokesperson, Wooden said the sales were
needed both for moral reasons and to reduce investment risk in
the state retirement funds, worth more than $47 billion in all.
The names and exact amounts of specific securities to be sold
were not immediately available. State funds held $218 million
worth of Russian-domiciled investments as of Feb. 24.
“Connecticut’s action today will apply further economic pain on
a dangerous autocrat who needs to know that the free world
stands in solidarity with the Ukrainian people and that (Russian
President Vladimir) Putin’s abhorrent actions will have
enduring, harrowing economic consequences in the days, months,
and years ahead," Wooden said in the statement.
Connecticut has cut holdings in Russian-domiciled companies and
Russian sovereign debt since 2014, Wooden's office said, as risk
concerns, previous sanctions and cyberattacks made Russian
markets less favorable.
As sole trustee of the Connecticut Retirement Plans and Trust
Funds, Wooden has more power to act than pension leaders in some
other U.S. states.
On Monday, California Treasurer Fiona Ma said she supports
divesting Russian assets from plans like the California Public
Employees' Retirement System, where she is a board member and
which has around $1 billion in Russian assets.
But another board member, state Controller Betty Yee, stopped
short of calling for divestment.
Energy giants BP and Shell and global bank HSBC are among a
growing list of companies looking to exit Russia as the United
States and Europe impose stiffening sanctions, and Moscow
responds.
So far major U.S. investment firms with Russian holdings have
offered little comment about their intentions, however.
(Reporting by Ross Kerber; Editing by Edwina Gibbs)
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