Ukraine conflict: Cheshire Pension Fund to review Russian bank investments

The Cheshire Pension Fund's investments include £2,258,722 in a state-owned bank in Moscow

A pension fund has said it is reviewing its investments in a Russian bank due to the invasion of Ukraine.

The Cheshire Pension Fund has almost 100,000 members and is used by more than 200 organisations across the county, including councils, police and fire services.

Its investments include £2,258,722 in Sberbank, a state-owned bank in Moscow.

Cheshire West and Chester Council, which administers the fund, said it was being "actively reviewed".

With assets of more than £5bn, it is one of the top 100 pension funds in the country, the Local Democracy Reporting Service said.

On Monday, the European Central Bank warned that Sberbank's European subsidiary faced collapse following waves of sanctions and restrictive financial measures unleashed by western nations against Russia in response to its invasion of Ukraine.

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The Cheshire Pension Fund is used by Cheshire West and Chester Council, Cheshire East Council, Warrington and Halton councils, Cheshire Police, Cheshire Fire and Rescue Service and other organisations including schools, colleges and parish councils.

A spokesman for Cheshire West and Chester Council said it was unable to comment on specifics due to financial regulations, but confirmed its investment was being "actively reviewed".

"The Cheshire Pension Fund currently holds shares in Sberbank via an external appointed investment manager, who are charged with making all investment decisions," he said.

"The shares are held via a US stock exchange listing and therefore in line with the regulations of the United States Securities and Exchange Commission we are unable to comment on any plans to buy or sell individual holdings.

"However, the holding is being actively reviewed by the investment manager in liaison with the Cheshire Pension Fund with a particular focus on ensuring full compliance with the rapidly evolving sanctions regime."