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Isle Of Wight Council Says Pension Fund Has No Direct Links To Russia

The Isle of Wight Council says it has taken steps to ensure pension fund investments do not include Russian assets following the invasion of Ukraine.

The authority says it has conducted a full review of its contracts and pension fund investments to make sure Island funds were not invested anywhere that could benefit the Russian regime.

Cllr Chris Jarman, cabinet member for strategic finances and chair of the Pension Committee, said:

"I am pleased we have been able to act quickly to ensure our members' money is not invested anywhere that may benefit the Russian regime.

"The illegal invasion of Ukraine has horrified us all, and it was important we took this step, both from a moral perspective, and as a show of solidarity with the Ukrainian nation.

"Our first hope is for peace and for an end to so much unnecessary suffering."

Following that investigation, the council has confirmed it has no direct holdings in any Russian stock, or any materially significant investments in Russia-linked equities.

It has also been confirmed that none of the Money Market Funds in which the council itself holds deposits have any direct exposure to Russian companies.

The Council added that it does not have any direct contractual links with Gazprom Energy — one of Russia's biggest state-controlled energy companies — or any other Russian fuel supplier.

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