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Ukraine: Up to £200m Welsh council pensions cash in Russian funds

Getty Images Firefighters work to contain a fire at Karazin Kharkiv National University, hit during recent shellingGetty Images
Firefighters work to contain a fire at Karazin Kharkiv National University, hit during recent shelling

Welsh councils have up to £200m tied up in Russian funds and companies as part of their pension schemes.

The Welsh Local Government Association said councils are reviewing their position after the invasion of Ukraine.

The £200m represents less than one per cent of the £20bn Welsh councils have invested overall in their pension schemes beyond Russia.

The WLGA said all eight pension funds in Wales follow responsible investment policies under national guidance.

It added: "Investment managers are reviewing their investment strategies and there has been engagement across all eight pools in England and Wales."

It will be up to individual councils to make their own decisions.

Welsh councils are also assessing the impact of Russian sanctions on council supply chains.

Meanwhile, a show in Swansea billed as being by the Russian State Ballet and Opera House on November 17 has been cancelled.

A Swansea council spokesman said: "Although the promoters have stated that they have no connection with the Russian political state, we consider it inappropriate to stage the show at this point.

"We have informed the promoters that the show is cancelled. Those who have bought tickets will be refunded."

In England, Suffolk County Council is looking to withdraw from a £10m contract with Russian gas giant Gazprom to supply schools and offices.